Since January, nearby Mar-21 #11 world raw sugar traded in a new elevated range from 15.40 to 16.70, setting a contract high midmonth. The contract fell to the bottom of this new range at the end of January but recovered ground in February. The contract pushed to a fresh contract high Wednesday.
Support for the contract may be near 16.40, 16.15, and 16.00. Resistance may be above 16.80 and 17.00.
RSI is bearish, while MACD is strongly bullish. The stochastic is slightly less bullish this week.
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