Sugar Futures--- Sugar futures in the March contract are trading higher for the 7th consecutive session up another 8 points at 15.04 a pound continuing its bullish momentum as I was recommending the original trade from around the 14.57 level and then recommending to add on last Friday around 14.90 and if you took those trades continue to place the stop loss under the 10 day low standing at 14.15 as the chart structure will also improve 2 days from now.
In my opinion I think sugar prices are looking to retest the September 15th high of 15.20 & if that is broken I think we can head up to the August 1st high of 15.82 as a longer-term bottom is in place as I think the bullish trend will continue in the short-term.
Sugar is trading above their 20 and 100 day moving average as the trend is higher as the volatility still remains very low despite the fact that we rallied 7 straight days, however prices have only moved up about 75 points as I think the volatility will start to increase down the road.
At the present time this is my only soft commodity recommendation as I'm very close to entering into a bullish coffee trade which could possibly be activated today so stay long & continue to place the proper stop loss as I still think there's room to run to the upside in sugar
TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: LOW
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