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June 19, 2023
During a 4 day uptrend, the Sugar future gained a total of $1.34, or 5%. Now turning against its recent performance, the Sugar future is down to $26 per pound, after ending today at $26.09. Overall, a 0.38% loss or 9 cents today.
Trend-focused traders would be interested to note that investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, ICE Sugar's upper Bollinger Band® is at $26.24 which indicates a further downward move may follow.
Overall, while Sugar has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Furthermore, United States Building Permits (May) will be released tomorrow at 12:30 UTC.
The past 3 months have been positive for the ICE Sugar future as it added 24.48% compared to its 3-month low of $17.4.
