Sugar Futures---Sugar futures in the March contract settled last Friday at 14.64 a pound while currently trading at 15.17 as I was recommending a bullish position from around the 15.01 level risking around $800 plus slippage and commission.
Prices have now hit a 6 week high and I think there is the possibility prices could retest the August 1st high around 15.82 & if that is broken I think the 17/18 level could be reached as sugar prices look cheap in my opinion as a possible double bottom right underneath the 14 level has occurred.
The chart structure is excellent at the present time as the risk/reward is in your favor as the stop loss will improve in 2 days therefore lowering the monetary risk as I'm now currently recommending bullish positions in sugar and cocoa in the soft commodities as I'm bullish the commodities across the board except for the livestock sector at the current time.
Volatility in sugar has been relatively low except for today's trade which finished at session highs, but I do think going into the winter months sugar prices certainly will become more volatile and historically speaking they look very cheap in my opinion especially with high gasoline prices as sugar is used as bio diesel as well.TREND: HIGHER –CHART STRUCTURE: EXCELLENT
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