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.
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.
