Technical forecast for Sugar

sugar1

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.

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