Technical Forecast for Sugar
Sugar #11 fell back from 16.65 as predicted but unexpectedly broke support is 16.50 to hit 16.35. If we continue lower look for a retest of recent August lows at 16.26. The short term is quite negative so a break lower cannot be ruled out so stops on longs needed below 16.22 as we could target 16.09.
Immediate resistance at 16.48/50 could hold the topside but above here look for 16.62, possibly another test of 16.65/67 for a selling opportunity. We need stops on shorts above 16.70 however as a break higher should target 16.77 for an excellent selling opportunity.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.