Candle stick pattern formed – Gravestone Doji
Major resistance - $16.75.
MACD (Weekly chart) – Bearish Divergence
Sugar has made a high of $16.75 and started to decline from that level. It is currently trading around $15.87.
Short term correction is possible till $15.06/$14 is possible as long as resistance $16.75 holds.
Any break above $16.75 will take the commodity till $17.45 in short term.
The commodity minor support is around $15.60 and break below targets $15.05/$14.
It is good to sell on rallies around $15.95-$16 with SL around $16.75 for the TP of $15.06/$14.
Major resistance - $16.75.
MACD (Weekly chart) – Bearish Divergence
Sugar has made a high of $16.75 and started to decline from that level. It is currently trading around $15.87.
Short term correction is possible till $15.06/$14 is possible as long as resistance $16.75 holds.
Any break above $16.75 will take the commodity till $17.45 in short term.
The commodity minor support is around $15.60 and break below targets $15.05/$14.
It is good to sell on rallies around $15.95-$16 with SL around $16.75 for the TP of $15.06/$14.
