October Sugar Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for October sugar futures that prices are in a six-week-old downtrend, have recently hit a nearly four-month low, and the bears have the near-term technical advantage. A move below solid chart support at this week’s low of 17.47 cents would give the bears fresh downside momentum and it would also become a selling opportunity. The downside price objective would be 16.20 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 18.00 cents.
