March ICE sugar futures a “swing-trade” selling opportunity on more price weakness.
See on the daily bar chart for March sugar futures that prices have backed down from the recent high and a bearish double-top reversal pattern has now formed. A move below chart support at Wednesday’s low of 17.35 cents would become a short-term selling opportunity on a “swing-trade” basis. The downside price objective would be 16.70 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at this week’s high of 17.60 cents.
