Sugar should find a temporary bottom around here as it comes into an upward trend line of support and runs into the 200-day EMA. If it were to bounce, there is some minor resistance at the $26.48 area. Otherwise, if that were to break, sugar would likely make a run to return to the highs. Now, if the 200-day EMA and the upward trend line were to break, there would be some minor support at $23.31, which most likely would lead to a small countertrend rally. Otherwise, the more significant support levels are down at $21.81 and $20.35.
Comment:
Sugar sure cut through the 200-day EMA and upward trend line like butter. There could be a temporary relief rally to back test the trend line and 200-day EMA. But if it continues to flush down, the next stop would be the $20.50 level area, which is significant support.
