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March 05, 2023
Friday at a glance: Sugar ended Thursday at $20.31. Friday it went up to $21.04 only to drop back, yet still managed to close at $20.93 per pound.
Sugar made an initial breakout above its 50 day Simple Moving Average at $20.38, a potential indicator of a newly emerging bullish phase. Crossed the $20.89 Fibonacci level, next level is at $21.17. On the other hand, note that although Sugar is appreciating today after rising as high as $21.04, price action is now slowing and consolidating around 28 cents below the $21.21 resistance level.
Overall, looking at the technical analysis landscape, it seems the Sugar future might continue pointing upwards in the short term.
This rally in the Sugar future's price coincides with other Softs as Cotton added 0.56% and closed around $83.71 Friday.
At the same time, Coffee goes down 2.2% Friday and closed at $182.2. Cocoa decreases 1.08% Friday and closed at $2,790.
The Sugar future has fallen back around 8.06% over the past 6 days, from a notable high of $22.09.
