Sugar Futures—Sugar futures in the July contract is currently trading at 12.04 after settling last Friday in New York at 12.65 a pound continuing its bearish momentum as I’ve been recommending a short position from the 12.25 level & if you took that trade continue to place the stop loss above the 2 week high which stands at 13.05 as an exit strategy.
The chart structure will not improve until later next week as the monetary risk will remain as I believe we will crack the contract low which was hit on January 3rd at 11.99 so stay short in my opinion.
The commodity markets remain in bearish trends despite today’s slight rally in most sectors as oversupply and weak demand continues to keep a lid on sugar prices in the short term. Sugar is trading below its 20 and 100 day moving average as the trend clearly has turned negative as the volatility still remains low as I will be looking at adding more contracts to the downside once the risk/reward become more in your favor.
At the present time I also have a short cotton recommendation as I think many sectors will remain bearish until some type of agreement with China on trade develops.
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