Will Sugar Prices Crack The 15.50 Level ?

04 Dec in Blog

Sugar Futures--- Sugar futures in the March contract is currently trading higher by 14 points at 15.12 a pound reversing earlier losses as I have been recommending a bullish position since late October with an average price on 2 contracts from around the 14.74 level and if you took the trade continue to place the stop loss at 14.73, however in Wednesday's trade that will be raised to 14.84 as the chart structure is outstanding at the present time.

The commodity markets are lower across the board today due to the fact that the U.S dollar is up about 35 points as crude oil is also down about $0.70 which has put pressure on sugar in early trade, but now has regained its bullish momentum over the last couple of months.

Sugar prices are still trading above their 20 and 100 day moving average telling you that the short-term trend is higher as I will be looking at adding another bullish recommendation if prices break the 15.50 level which has been attempted on 3 different occasions only to falter every single time as that is major resistance currently.

I have other recommendations out of the soft commodity sector including coffee and cotton as the agricultural markets look to have finally bottomed out in my opinion and I do think with the Senate agreeing to the tax cuts that will be bullish the commodity markets in the long haul as the giant bearish trends are over with in my opinion.






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