Softs

The Sugar Rally Resumes

Posted 09/26/2019 8:24AM CTEric Scoles

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.

Eric Scoles

Eric entered the workforce during the summer of 2007 as an apprentice tradesman just before the big crash and recession which followed. The impact of which strongly inspired his interest in the financial industry and began him as a student of the markets. Eric worked throughout the following years developing strong communication skills and risk management practices in the aviation and marketing industries before ultimately getting licensed and turning his passion into a career as a market strategist with RJO Futures.