Sugar Futures—Sugar futures in the July contract is trading higher for the 3rd consecutive session up 11 points at 11.86 a pound as prices are right near a 2 week high. I have been recommending 2 bearish positions with an average price of 12.06 & if you took those trades continue to place to stop loss at 12.06 on a hard basis only as an exit strategy.
Sugar prices have been going sideways over the last 3 weeks bouncing off the contract low which was hit on May 21st at 11.36 so let’s see what tomorrows trade brings as we’re hanging in there by the skin of our teeth.
Sugar prices are still trading under their 20 and 100 day moving average and if we are stopped out move on and look at other trades while at the current time I have a bullish coffee recommendation out of the soft commodities as many agricultural markets have rallied off recent lows.
The chart structure at the current time is outstanding due to the fact of the extremely low volatility so when I talk about a hard basis only that means you place it as a GTC or good till cancelled so it works on the night session as well.
CHART STRUCTURE: EXCELLENT
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