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JornalCana

Sugar Now Has Excellent Chart Structure

Sugar futures in the March contract finished down 18 points this afternoon in New York currently settling at 19.45 a pound in a real lackluster trade is I’m still looking for prices to breakdown under the contract low of 18.80 as I still think there is more room to run to the downside.

I have been recommending a short position from around the 21.67 level and if you took that trade continue to place your stop loss above the 10 day high which stands at 20.32, however that will be lowered to 19.99 come Monday as the chart structure is outstanding at the present time therefore lowering the monetary risk.

Many of the commodity markets were lower today as the U.S dollar was up 90 more points this afternoon which continues to be a negative influence at the present time as adding more contracts in tomorrows trade could be at hand so give me a call if you have any questions.

Inside Futures

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