Sugar breaks a 4 day downtrend, increases to $24.4

During a 4 day fall, dropping a total of 6.3%, ($1.75), Yesterday may indicate a change of direction; the Sugar future rose 11 cents to close at $24.4 per pound yesterday which makes for a move of 0.45%.

At the same time, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. United States CFTC Crude Oil speculative net positions came out at 166,500. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 163,000, while the previous figure was 160,200.

Sugar's lower Bollinger Band® is at $23.93, indicating that the market is oversold and fertile for new buyers.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Sugar to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Sugar is expected to pick up significant bullish sentiment in the coming days.

Though the ICE Sugar future is going up, other Softs are underperforming — after ending yesterday's session at $79.83, Cotton lost 44 cents and is trading around $79.39.

The Sugar future is now trading 8.82% below the significant high of $26.64 it set around a month ago.