Sugar Testing Strong Technical Levels
October Sugar is testing some strong technical points after being in a downtrend the past few weeks, following the negative outlook of outside markets. Looking back to July of 2021, there is strong trendline support the market has been able to hold, and a break below here could be a catalyst for added selling. With India reporting a cut in exports for the year from 10 million tonnes to 6-7 million tonnes, and the relative strength index nearing oversold territory, there could be an opportunity for Sugar to breakout to the upside toward the technically and psychologically significant 18.99-19.06 resistance level.
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