Have Sugar Prices Double Bottomed On The Daily Charts ?

25 Sep in Blog, Cocoa futures, coffee futures, commodity trading, cotton futures, futures broker, lumber futures, Michael Seery, milk futures, options broker, orange juice futures, Seery Futures LLC, sugar futures

Sugar Futures--- Sugar futures in New York rallied for the 4th consecutive trading session closing right near the highs of the trading session up 45 points in the March contract to close at 20.72 a pound looking to break out to a possible 5 week high if prices can breach the 21.00 a pound which was just hit last week. If you look at the daily charts on the sugar chart it looks like a possible double bottom and now a possible reversal heading higher remembering sugar is used in as a bio diesel and with extremely high corn prices and crude oil prices still in the mid-90s sugar could be way undervalued at these levels. If you look at sugar prices two years ago when QE1 came out prices of sugar shot over $.35 a pound and right now were still trading below $.21 a pound so there still room to run on the upside in the sugar market in my opinion. Many of the soft markets such as cotton, orange juice, and Cocoa have been choppy in recent weeks looking to possibly break out with many of the other commodity markets to the upside. Many traders put stops at four week highs to exit a market if they are wrong so you could see a lot of stop losses right around the $.21 level in tomorrow's trading session so keep an eye on that price area.

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