Technical forecast for Sugar

sugar

Sugar #11 staged a recovery to reach resistance at 16.45 but failed to achieve 16.60/61. A break above Friday’s high of 16.53 should still target 16.60/61 & may reach as far as 16.65, if not today then perhaps later in the week. This level offers a selling opportunity with stops above 16.70.

Immediate support is 16.42/41 but below here risks a slide to 13.37/34 before last week’s low of 16.26 & a buying opportunity.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More