Technical forecast for 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.