Sugar Prices Near 4 Week High

01 Sep in Blog, coffee futures, commodity trading, cotton futures, futures trading, Mike Seery, orange juice futures, seeryfutures, sugar futures

Sugar Futures--- Sugar futures in the October contract settled last Friday in New York at 14.03 a pound while currently trading at 14.30 up about 27 points for the trading week right near a 4 week high.

At the present time I'm not involved in sugar, but it looks to me that a double bottom around the 13.00 level has occurred as sugar is used as an ethanol product as gasoline prices in the United States have skyrocketed due to the fact of Hurricane Harvey as I think that is starting to support sugar and corn prices here in the short term.

Sugar prices are trading above their 20 day but still below their 100 day moving average which stands at 14.82 as prices look to retest the August 1st high of 15.16 in my opinion in the coming weeks ahead.

The chart structure at the present time is solid as we could be entering into a bullish position possibly in next week's trade as the risk/reward is starting to become into your favor as volatility is still relatively low therefore the monetary risk will be relatively low so keep a close eye on this market & look to play this to the upside.TREND: HIGHER–CHART STRUCTURE: SOLID

 

 

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