Sugar Prices Higher Breaks 3 Day Losing Streak

Sugar Prices Higher Breaks 3 Day Losing Streak
Sugar Prices Higher Breaks 3 Day Losing Streak

Sugar Futures—Sugar futures in the March contract is currently trading higher by 11 points at 13.38 a pound breaking a 3 day losing streak still hovering near a 5 month high as the volatility remains low.

I have been recommending 3 bullish positions with an average price of 12.79 and if you took that trade place the stop loss under the 2 week low standing at 13.00 as an exit strategy, however in tomorrow’s trade that will be raised to 13.07 as the chart structure is outstanding at the current time therefor the monetary risk is relatively low.

For the bullish momentum to continue prices have to break the December 13th high of 13.67 in my opinion and if that does occur I think prices will crack the 14.00 level in the coming days ahead. Sugar prices are trading above their 20 and 100 day moving average as the trend remains higher as we continually grind up on a weekly basis as I would like to see the volatility come back in this market like we are witnessing in coffee.

At the current time my only other commodity recommendation is a bullish cotton trade as I do think the agricultural markets are in the beginning of bullish trends as trade agreements with China, Mexico, and Canada will spur demand pushing prices higher in 2020 as I see no reason to be short.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

 

 

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