Sugar Futures---Sugar futures in the March contract is currently trading higher by 12 points reversing some of the losses that we witnessed in yesterday's trade as we are currently trading at 12.87 a pound still looking to break out to a 4 month high in the coming days ahead.
I have been recommending 3 bullish positions with an average price around 12.79 and if you took those trades continue to place the stop loss under the 10 day low standing at 12.57 as the chart structure will not improve for another 4 trading sessions therefore you will have to accept the monetary risk at this time.
Sugar prices are trading above their 20 and 100 day moving average, however for the bullish momentum to continue we have to break the November 29th high of 13.01 as the volatility remains exceptional low as I do believe that situation will change soon as I do think a long-term bottom is at hand.
My only other soft recommendation is a bearish cotton trade which continues to head lower due to the fact that the U.S and China will not come up with a trade agreement anytime soon. Sugar prices are all based on weather conditions in the country of Brazil which is the largest producer in the world so continue to play this to the upside as the risk/reward is in your favor in my opinion.
CHART STRUCTURE: EXCELLENT
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