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 five-week-old uptrend, last week hit a 4.5-month high, and the bulls have momentum and the near-term technical advantage. A move above chart resistance at last week’s high of 18.47 cents would become a buying opportunity. The upside price objective would be 20.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 17.75 cents.
