Sugar Future 240min update 4-9-22Sugar Future has seen recent likes of 20.51 and 17.2. If the structure is correct, then it should see further lower price before hitting further high.
Key stats
Volume
—
Current contract
SBK2023
Contract size
112000LBR
Sugar future extremes MonthlySugar Future has seen 2.63 to 66 extremes. Recently it appears it is moving a new structure after completing abc down. Nearly 50 years of Sugar travel to 2022 has been a balancing movement with current value of 18ish.
BEARISH ON US SUGARBearish 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 a
Sugar: Bearish Bias.MACD has already given a sell signal at 17.
Signal confirmed if price breaks the support below 16.70 to 16.50
Hence the sugar rally is likely to take a breather under corrective wave C.
Sugar Future long term analysisOm Namah Shivay
Sugar future on long term looks should correct more. The validation lines to be watched for the further move.
Om Namah Shivay
Sugar ContinuousSugar prices broke past the wave 1 high, starting wave 3 up, minor wave iii of 3 going on. Wave 1 was 49% up in price. Wave 3 =1 would mean another 49% up to 17.20$
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