Sugar Futures—Sugar in the July contract is trading higher for the 3rd consecutive session hitting a 5 week high up another 26 points at 12.45 a pound continuing its bullish momentum.
I had been recommending a bearish position from around the 12.06 level getting stopped out in last week’s trade when prices hit the 2 week high at 12.01 as I am now looking at a possible bullish position as the agricultural market and sugar looks to have bottomed out in my opinion.
The Brazilian Real has hit a 1 month high against the U.S dollar as that is a bullish fundamental factor towards prices, however the 10 day low stands at 11.36 as the risk would be around $1,200 per contract plus slippage & commission which is a little high because of the fact of the low volatility.
I will wait for some type of price pullback therefor lowering the monetary risk before entering into a position as I also have a bullish coffee recommendation which is hitting a 3 /1/2 month low in today’s trade so keep a close eye on sugar as we could be involved soon.
Sugar prices are trading above their 20 day, but still below their 100 day moving average which stands at 12.63 as a possible rounding bottom might be at hand.
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