World sugar consolidates after recovering from six-week low
On Tuesday Jul. 14, Oct-20 #11 hit a six-week low with a close at 11.32. The contract rebounded to longer-term retracement resistance above 11.80 the next day but failed tests of higher levels, turning instead to a four-session decline to retracement resistance below 11.65. On Wednesday this week, the contract bounced higher to a settle above that resistance level and the 20-day average of 11.84.
Additional support may be seen from 11.65 to 11.60, from 11.50 to 11.35, and above 11.10. Support may be seen around 11.90 and above 12.00, 12.25, and 12.35.
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