Technical Forecast for Sugar

Sugar #11 hovering between 16.65 & 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 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.