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FxWirePro: Sugar Trades Weak After Brazil Record Cane Crush, Good to Sell on Rallies
28 April 2016, 09:21
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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
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