Sugar Futures rose on Tuesday, therefore the price of the futures rose above $12.00 in pursuit of some major economic news releases. As far as technical bias is concerned, it is anticipated that it may remain bullish since the price of the sugar futures printed a lower high in the recent rally which moved downside.
Sugar Futures Technical Analysis
As of March 05, 2019, the futures are being traded near $12.42. Since the price is increasing, a resistance level may come around $12.63, the immediate trend line resistance. The price of the sugar futures may also come across another resistance level around $12.78, the 38.2% Fib level support and then $13.04, the major horizontal resistance as demonstrated in the given below chart.
Coming towards the downside, the major horizontal support level can be seen around $12.00, ahead of $11.49, the 61.8% Fib level and then $09.81, the low of September 27, 2019, as demonstrated in the given above chart. The technical bias is expected to remain bullish as long as $12.00, the major horizontal support level remains intact.
The United States Michigan Consumer Sentiment Index News
In the United States, the figure concerning the index price of Michigan Consumer Sentiment remained 99.0 in October, as compared to 100.1 during the month before, up beating the economist expectation which was 100.4 The data is sourced from the news released by the University of Michigan, United States.
The figure represents the level of confidence of consumers concerning their willingness to spend money. Generally speaking a high reading in this regard is taken as a bullish trend for the US Dollar whereas a low reading implies a bearish trend for the US Dollar (USD).
Considering the overall price trend over the last few days, buying sugar futures near current levels may turn out to be a good decision over a short to medium term.Sugar Technical Analysis: March 05, 2019