The Sugar Rally ResumesPosted 09/26/2019 8:24AM CT |
March ’20 Sugar futures resume the rally closing well above a strong resistance point at 1250 and resting at another resistance level of 1269. I anticipate this momentum will continue onwards and upwards as there is still a massive amount of short covering fuel with managed funds still heavily short. On the weekly chart this week’s price movement has jumped above the 5 previous weekly bars which is a very bullish indicator. Fundamentals support sustained gains as reports continuously anticipate a production deficit and by larger sums with each update. This market looks strongly in control by the bulls and I’d consider any pullbacks an opportunity.