Sugar Futures---Sugar futures in the March contract is trading higher for the 2nd consecutive session as I have been recommending a bullish position from last Friday from around the 14.57 level & if you took the trade place the stop loss under the 10 day low standing at 13.84 as the risk is around $800 per contract plus slippage and commission as the chart structure is excellent at the present time.
Sugar prices are trading above their 20 and 100 day moving average as the trend is to the upside as we have broken out of a 5 week consolidation as the 14.00 level held on multiple occasions as sugar is starting to follow crude oil which is also hitting another high in today's trade.
The next major level of resistance is the September 15th high of 15.20 & if that is broken I think there is room to the upside near the 17 level so continue to play this higher and if you're not involved wait for some type of price retracement before entering as I think prices have bottomed out.TREND: HIGHERCHART STRUCTURE: EXCELLENT
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