Sugar Futures---Sugar futures in the July contract settled last Friday in New York at 11.72 while currently trading at 11.67 basically unchanged for the trading week. I have been recommending 2 bearish positions with an average price of 12.06 and if you took those trades the stop loss has now been lowered to 12.15 as an exit strategy as the chart structure is outstanding at the present time.
Sugar prices are trading under their 20 and 100 day moving average, however for the bearish momentum to continue we have to break the May 8th contract low of 11.64 and then I think prices could accelerate to the downside, however crude oil continues its bullish momentum as that is helping support sugar prices at this time.
Volatility still remains relatively average as the fundamental and technical picture for sugar remains bearish as carryover levels have increased substantially as the country of Brazil continues to be the Garden of Eden so continue to play this to the downside as I still think there's more room to run.
The commodity markets in general still remain bearish as there is no trade agreement with China, however the agricultural markets have shown some life this week as weather can turn a bearish market into a bullish market very quickly.
CHART STRUCTURE: EXCELLENT
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