Sugar Futures—Sugar futures in the July contract is trading lower by 3 points at 12.95 a pound breaking a 2 day winning streak as prices are still hovering right near a 5 week high. I will be recommending a bullish position if prices at the 13.03 level while then placing the stop loss at the contract low which was hit on January 3rd at 11.99 as the risk is around $1,200 per contract plus slippage and commission.
The volatility in sugar remains relatively low as it looks to me that prices have finally bottomed out and if you take a look at crude oil that commodity continues to move up on a daily basis hitting a 5 month this week which is supporting sugar prices as well.
Sugar prices are trading above their 20 and 100 day moving average as the trend is to the upside as the chart structure will also start to improve in next week’s trade therefor the monetary risk will also be lowered, however I would like to give this trade some room as I do think prices will retest the 13.50 level soon.
TREND: HIGHER—MIXED
CHART STRUCTURE: IMPROVING
VOLATILITY: LOW
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