Nearby Mar-20 #11 sugar appreciated in the last two weeks, reaching a 21-month high Monday, Jan. 3. On Tuesday, the contract tested the upper Bollinger Band and psychological resistance around 15.00 before retracing some of Monday’s gains. The contract consolidated slightly above Tuesday’s close on Wednesday.
Support may be found near 14.50 and 14.40, from 14.30 through 14.25, below 14.05, and from 13.90 through 13.80. Multiple short-term resistance levels are likely from 14.95 through 15.15, with further resistance above 15.25 and 15.45.
RSI is moderately bearish. MACD is neutral to bearish. The stochastic oscillator switched to bullish this week.
Mar-20 #11 world sugar futures