Sugar Futures inched higher on Friday, 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 turn bearish since the price of the sugar futures printed a higher low in the recent rally which moved upside.
Sugar Futures Technical Analysis
As of March 22, 2019, the futures are being traded near $12.58. Since the price is increasing, a resistance level may come around $12.77, the major horizontal resistance. The price of the sugar futures may also come across another resistance level around $12.93, the 61.8% Fib level resistance and then $13.47, the high of February 20, 2019, as demonstrated in the given below chart.
Coming towards the downside, the 23.6% Fib level support can be seen around $12.27, ahead of $12.17, the trend line support and then $11.67, the major horizontal support as demonstrated in the given above chart. The technical bias is expected to remain bullish as long as $11.66, the major horizontal support level remains intact.
Michigan Consumer Sentiment Index News – USD
In the United States, the figure concerning the index price of Michigan Consumer Sentiment remained 91.2 in January, as compared to 90.7 during the month before, down beating the economist expectation which was 90.8 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, selling sugar futures near current levels may turn out to be a good decision over a short to medium term.