October Sugar Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for October ICE sugar futures that prices have dropped sharply recently and on Monday hit a 4.5-month low. The bears have gained good downside technical momentum recently. A move in prices below chart support at Monday’s low of 17.34 cents would become a selling opportunity. The downside price objective would be 16.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 17.75 cents.
