Technical Forecast for Sugar
Sugar #11 staged a recovery to achieve our target of 16.65 as predicted. This level offered a selling opportunity with stops above 16.70 & this trade worked perfectly as we topped exactly here at 16.67. We are trading at 16.59 now but the outlook remains positive so we need to take profit on shorts quite quickly & be prepared for another test of 16.65/67. A break higher is likely & should target 16.77. Watch for a high for the day here at this stage but a break higher cannot be ruled out and could target 16.90, if not today then perhaps later in the week.
Immediate support is 16.50 for a buying opportunity with stops below 16.40.
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