Weekly Analysis : White Sugar - Read in Sequence Point 1, 2 & 3. Long term bullish trend is still intact as market is making new highs and new lows on weekly chart. However, the current rally above 670 resistance zone in late August 2023 seems to be losing steam as there is severe distribution happening at 750 level and price will retest the crucial horizontal support (short term support) and long term diagonal support line from Feb 2022
Analysis on chart
Analysis on chart
Trade closed: target reached:
Price breached the critical support of 670 making a low of 657 at time of typing this on 6-dec-2023 . Close below 670 will be critical challenge to the long term trend. Fundamentals are getting bearish each day for Sugar with Brazil reporting surplus, Potential chance of India lifting sugar exports , Oil price making 5 month low - which is negative for sugar, since the commodity will be less diverted to produce ethanol fuel adding to more supply and potential $ rally ahead in december.
Comment:
A close below 650 has now opened doors for retest of 600 level for month of december 2023
Comment:
Price sliced through 600 with low as on 21 Dec of 585.10