Profile: Sugar #11 futures, NYMEX/CME (continuous contract)A recovery within the long-term down trend is expected after the recent breakout-failure. Considerable resistance comes in between 19.47 and 20.34 so upside potential at first is limited. However, underlying dynamics have made a push above this barrier quite likely over the next few weeks. Breaking 19.47/20.34 triggers a long-term trend reversal and a good buying opportunity towards 24+.
At this point it is too early to buy but Sugar should be on the watchlist of investors.
- Primary trend: neutral
- Outlook: basing in down trend, positive > 20.34
- Support: 18.31 / 18.00 / 16.42*
- Resistance: 20.34 / 24.00 / 26.30