Sugar Futures: A Technical Analysis Call to Rally

Sugar futures’ technical analysis suggests this current sugar rally can have enough momentum to take it to new 2013 highs.  Sugar is one of the best commodities trending right now and has been for the last quarter.

Sugar futures, currently trading near .19c per pound as of this writing, can be expected to trade as high into the mid-.20c range by the end of this year – according to Fibonacci technical analysis.  If so, then this would be the highest price for this contract of sugar since the very first of the year.

With a strong uptrend in sugar, the market is in overbought territory.  However, fundamentals may keep this market bullish,” said Kevin Craney, Director of Managed Futures at RJO Futures in Chicago, regarding the current sugar futures situation.  Craney adds,Any sell off should be viewed as a correct bounce.”

Sugar futures technical trend is up with no top yet in sight.  I am looking for a way back in the long side of this market, but looking for it to return to the mid-.18c area hopefully in the near-term. 

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