Sugar 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.
Sugar 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 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 -...
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.
we have a high probability that the SB will head upwards in the next few weeks
Om 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 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$
Sugar is very low and reached a strong support about 10. Therefore there is a potential for bullish mood in the market. Bull spread SBH19-SBK19 offers an interesting opportunity, when a price will make a correction to -0,20 and then up again to 0,00.
Sugar is very low and reached a strong support about 10.