According to Investopedia, Brazil is top leading sugar producer globally. So , we take a look at its currency; USDBRL and discovered that since Jan 2020, it has appreciated against the USD for more than 50%. This trend should continue towards the rest of 2020 and likely the first half of 2021 too.
That being the backdrop, then we can assume sugar price to continue going higher, breaking the 15.78 price resistance soon. I am bullish on sugar !
That being the backdrop, then we can assume sugar price to continue going higher, breaking the 15.78 price resistance soon. I am bullish on sugar !
Comment:
Sugar is reaching the resistance level, let's see if it will break up this or next week
Comment:
Tonight, I will add more sugar
