Sugar futures in the March contract settled last Friday in New York at 12.73 a pound while currently trading at 12.74 unchanged for the trading week, continuing it's extremely low volatility.
I have been recommending two bullish positions with an average price of 12.67, and if you took that trade, continue to place the stop loss under the 10-day low, which now stands at 12.46. For Monday's trade, that will be raised to 12.51 as the chart structure is outstanding at the current time because prices have been stuck in the mud.
Sugar is still trading slightly above its 20 and 100-day moving average as the trend remains higher as we need some fresh news to dictate short-term price action as the Brazilian Real has hit a 4 year low against the U.S dollar as that has a negative influence on prices.
The next major level of resistance stands at the 13.00 area. I will be looking at adding more contracts at that level because the stop-loss is so tight; therefore, the risk/reward is in your favor, so stay long.
CHART STRUCTURE: EXCELLENT
Orange Juice Futures
Orange juice futures in the January contract settled last Friday at 100.50 while currently trading at 99.00 down about 150 points for the week as prices are still stuck in a tight four-week consolidation. Continue reading "Weekly Futures Recap With Mike Seery"