FxWirePro: Sugar Trades Weak After Brazil Record Cane Crush, Good to Sell on Rallies

FxWirePro: Sugar Trades Weak After Brazil Record Cane Crush, Good to Sell on Rallies

• Major resistance - $16.10   
• Major support - $15.65 (7 day EMA) 
• Sugar has declined more than 2% yesterday after cane data from top grower Brazil showed a record cane crush at the high end of expectations for the first half of April. 
• The commodity ahs declined till $15.65 after making a high of $16.09. 
• Short term trend is slightly weak a decline till $15 is possible. 
• Any break above $16.10 confirms continuation of bull trend a jump till $16.63/ $16.95/$16.75 is possible. The commodity should break above $16.63 for major trend reversal. 
• The commodity minor support is around $15.65 and break below targets $15.35/$15/$14.30.
  

It is good to sell on rallies around $15.85 with SL around $16.15 for the TP of $15.35/$15

The material has been provided by