Sugar Futures—Sugar futures in the March contract is trading higher for the 4th consecutive session up another 10 points at 15.57 a pound as prices have now hit a 9 month high continuing it’s bullish momentum to the upside. I have been recommending a bullish position originally from the 15.65 level while then adding more contracts yesterday around the 15.40 level and if you took these trades continue to place the stop loss at the critical 13.98 level on a closing basis only as an exit strategy.
Sugar prices are trading above their 20 and 100 day moving average as this trend is very strong and if you have been following any of my previous blogs you understand that I think prices could touch the 20 level especially if adverse weather conditions persist in the country of Brazil which is the largest producer of sugar in the world.
At the current time I also have bullish recommendations in coffee and orange juice which continue to move higher on a daily basis as this entire sector has caught fire as I see no reason to be short as I will be looking at adding more contracts in next week’s trade once the risk/reward improves as adding to winners is the way to trade over the course of time.
CHART STRUCTURE: IMPROVING
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