Sugar Futures--- Sugar futures in the October contract have now traded lower for the 9th consecutive trading session as I was recommending a bullish position with the combined average price of around 14.25 getting stopped out earlier in the week around the 13.72 level as this market has completely fallen out of bed & is now currently trading at 13.20 after settling last Friday in New York at 14.14 as that is why you must have an exit strategy because clearly this trend has turned to the downside.
At the present time I'm not involved in sugar, but it looks to me that prices might retest the contract low which was hit on June 28th at 12.74 as the soft commodities drifted lower this week except for the coffee market despite the fact that the U.S dollar is at a 14 month low.
Sugar prices are now trading under their 20 & 100 day moving average telling you that the short-term trend is lower , however I will not take a short position as I do think the downside is limited as I still have a bullish bias across the board in the commodity sectors so I will keep a close eye on this market as the chart structure still remains very solid at the present time therefore volatility remains low.TREND: LOWER–CHART STRUCTURE: SOLID
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