The ICE Sugar future trades at $20.37 per pound after gaining 28 cents (1.39%).
Sugar made an initial breakout above its 3 day Simple Moving Average at $20.12, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $20.29 by around 8 cents with prices hammering out a $20.05 – $20.42 session range. Sugar has just crossed its upper Bollinger Band® at $20.26, suggesting further gains could be on the cards. The Sugar future broke through the $20.32 resistance, climbing 5 cents above it.
Overall, looking at the technical analysis landscape, it seems Sugar might continue pointing upwards in the short term.
Rallies can also be seen in other Softs, Coffee added 1.09% to its value, now trading at $166.2. Cocoa improves 0.57% to trade around $2,489.
Furthermore, the market is looking at United States Building Permits (Nov) is scheduled for tomorrow at 13:30 UTC.
Over the past 5 days, the ICE Sugar future has retreated 0.99% from a noteworthy peak of $20.29.