May ICE sugar futures a buying opportunity on more price strength.
See on the daily bar chart for May sugar futures that prices are in a choppy three-week-old uptrend and have just hit a nine-week high. The sugar bulls have gained upside near-term technical momentum recently. A move above chart resistance at 17.00 cents would provide the bulls with better upside technical momentum and also suggest the price uptrend can continue. That would also become a buying opportunity. The upside price objective would be 19.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 16.00 cents.
