Sugar Prices Up 24 Points For Trading Week
Michael Seery of Seery Futures - - Fri Feb 08, 5:22PM CST

Sugar Futures---Sugar Futures in the March contract settled last Friday in New York at 16.60 a pound while currently trading at 12.84 up about 24 points for the trading week still experiencing very low volatility.

Sugar prices are trading above their 20 and 100 day moving average as the trend is slightly higher as I've been recommending a bullish position from around the 12.57 level and if you took the trade keep the stop at 11.69 as an exit strategy, however in next week's trade that will be raised therefor the monetary risk will be lowered.

The next major level resistance is at the January 16th high of 13.27 and if that is broken I think there is the possibility prices could touch the October 24th high of 14.24 as I still think there's room to run to the upside.

Sugar prices have been riding the coattails of crude oil which has had a significant rally in 2019 as sugar is used as an ethanol product. Fundamentally speaking the world is still awash in sugar as India actually will become the number one producer of sugar in the world taking over Brazil, but technically speaking the market looks like it still wants to move higher so stay long and continue to place the proper stop loss.




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