ViclreTrade

BEARISH ON US SUGAR

Short
ICEUS:SB1!   SUGAR NO. 11 FUTURES
Bearish clues:

- Break of a double top in daily timeframe
- Break of the support of the range at 16.75 USD, which corresponds to the 50% Fibonacci retracement of the huge market movement in February, 2021 and the neckline of the daily double top
- Pulback on the support which became a resistance at 16.75 USD5
- 100 exponential moving average is breaking down
- The price reached the 20 moving average of the Bollinger Bands
- Relative Strength Index ( RSI ) < 50

Objective:

Sugar could decrease to the 15.85 USD level, which corresponds to the middle of the Andrews' Pitchfork and an historical oblique bullish resistance (in green), and maybe lower …

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DISCLAIMER: This is not investment advice
Trade closed: stop reached