Mixed sentiment sees Sugar ending the day broadly flat; establishes tight $19.63 to $20.43 range

A quick look at Friday: the ICE Sugar future moves 0.1% to close at $19.69 per pound Friday.

Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that the Sugar future's upper Bollinger Band® is at $22.23 and the lower is $19.31.

With market volatility ebbing, the current technical outlook indicates the Sugar future will remain range-bound for the immediate future.

Data to be released today might clear up some of the market fog as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC. Tomorrow at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.

Having set a significant high of $21.76 26 days ago, the ICE Sugar future is trading 9.6% lower.