Will Sugar Follow Crude Oil Lower ?

Will Sugar Follow Crude Oil Lower ?
Will Sugar Follow Crude Oil Lower ?

Sugar Futures—Sugar futures in the July contract is up 5 points at 12.26 rallying slightly on concerns that heavy rains have slowed the Brazilian harvest as I have been recommending a bearish position from this level and if you took the trade continue to place the stop loss above 13.05 as an exit strategy.

Commodity markets in general continue to head lower as crude oil is down about $2.50 today as I think that will start to have a negative impact on sugar prices.

If you take a look at the daily chart the down trend line remains intact as prices are still trading under their 20 and 100 day moving average looking to retest the January 3rd contract low of 11.99 possibly tomorrow & if that is broken look for further price declines.

At the present time I’m also recommending a short position in cotton as the entire soft commodity sector remains in bearish trends as oversupply and weak demand continues.

TREND: LOWER

CHART STRUCTURE: SOLID

VOLATILITY: INCREASING

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

 

Skype Address: 5da1f85979b7117b

TWITTER—@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

Email: mseery@seeryfutures.com

If you’re looking to open a Trading Account click on this link www.admis.com

 

MEMBERS LOGIN

Click on Members Login—-Username—coffeeshop

Password—greencoffee88

Click login and then click on Blog and click on the title of the story to read—Mike 630-408-3325

Click on my live chat so we can talk as well

 

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.