Good morning Traders!
Sugar has enjoyed a strong bullish momentum on the Daily, Weekly and the Monthly
timeframes. After the dip below the 10 mark during the start of the pandemic, the market
has been steadily trending higher.
After a lengthly consolidation underneath the area of the 20 mark, the market has finally
broken above this area, and also closed above it, bringing the Weekly and the Daily charts
back into a confirmed uptrend.
I’ll be on the lookout for a pullback to release some of this strong buying pressure. An
area of interest is the Daily S/R level of around the 21.20 which is also the Weekly swing
Higher High. Drawing the Fibonacci retracement of the latest move, has the 61.8%
retracement clustering nicely with this level. If and when the market will pullback into this
area, I’ll be looking for signs that the pullback is over, and the buyers are ready to take
control of this market once more.
Happy Trading!
