March sugar futures a selling opportunity on more price weakness.
See on the daily bar chart for ICE March sugar futures that prices are in a strong downtrend as the bears have the solid near-term technical advantage. Prices Wednesday hit a fresh contract low. A move below chart support at Wednesday’s low of 15.72 cents would become a selling opportunity. The downside price objective would be 14.25 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 16.25 cents.
