Long
Technical BUY signal in sugar
Hammer formation and bullish engulfing at the lower end of a 3 year downtrend channel and lower Bollinger band
Short term target around the upper Bollinger band with further upside towards the higher end of the trend channel
Also to note: USD/BRL is on a mutliyear high, hence a retracement in the currency pair would send the prices in Sugar higher.
Short term target around the upper Bollinger band with further upside towards the higher end of the trend channel
Also to note: USD/BRL is on a mutliyear high, hence a retracement in the currency pair would send the prices in Sugar higher.
Note
Sugar on track; now March the active month after yesterday.Future spreads are in backwardation now!!!!!
Look for further upside especially if USDBRL comes off IMHO
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.