Sugar has been treading water but lower sums up the past month – possibly lower still at the start of the coming month! We’ve had a range but it hasn’t been massive & we’re down 34 tics month-on-month! However, last Friday’s action may be significant as prices haven’t been this low since the 10th of Nov! We have a Downtrend that is still largely intact (currently 16.08), an Upper Tine of an Andrews Pitchfork (currently 15.60) that is again acting as resistance and the opportunity to test the early Nov low of 15.42, perhaps even the 50% Fib at 15.26 which could be the start of a significant try lower.
Either way – until we have many consecutive closes below the 50% Fib at 15.26 or above the Downtrend then the bullet point above goes into neutral. Ideally, I would like consecutive closes over the Long MA (currently 16.62) but the way the 2014-to-date 50% Fib at 15.89 has been acting as an ‘attractor’ for this market leads me to think that is a big ask!
Support numbers currently are 15.29 – 15.18, 15.11 & 14.80 – 14.70! Resistance numbers currently are 15.72, 15.89 – 15.93, 16.08, 16.50 & 16.59 – 16.62. There aren’t that may significant dates ahead but be wary of volatile activity on the 1st, 8th & especially around the 15th!
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