Technical Analysis and Outlook
Sugar closed lower on Friday confirming intermediate Sugar Rally with Key Resistance 0.1312. Expect profit taking pull down the soft commodity to Mean Support 0.1236. Currently, the bears hold an over-all near-term technical edge, since the prices are in a retreat.
Sugar closed lower on Friday confirming intermediate Sugar Rally with Key Resistance 0.1312. Expect profit taking pull down the soft commodity to Mean Support 0.1236. Currently, the bears hold an over-all near-term technical edge, since the prices are in a retreat.
Sugar was fading fast this week and hit down our Mean Support 0.1236 precisely on the money (Stage 2). Currently, the bulls hold the strong overall near-term trade advantage, while posing to rebound to Mean Resistance 0.1312 which is in the cards.