The chart of sugar futures looks bullish for me, the price has broken the steepest descending resistance before entering a period of sideways movement above the long term rising trend line, hinting a potential bottom. MACD is showing positive signs and Histogram continues to lose the bearish bias before heading back above zero.
Note that according to a research by Macquarie Agricultural team, sugar consumption is starting to exceed production,meaning more demand for the commodity then available supply.
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Note that according to a research by Macquarie Agricultural team, sugar consumption is starting to exceed production,meaning more demand for the commodity then available supply.
Good Luck, join me at :
twitter.com/thefxchannel
thefxchannel.com