In the midst of a 5 day bullish trend, Today's session might suggest a slow down — the Sugar future trades at $26.37 per pound, after ending yesterday at $26.35.
ICE Sugar is currently trading at $26.37 following the release of Core PCE Price Index (MoM) (Mar) data from the United States.
The Sugar future's state is reflected by market data as United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. Following a previous reading of 0.8%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the 0.5% figure expected by analysts with an actual reading of -5.2%. GDP in United States fell short of market expectations (two) with a reading of 1.1, continuing the decline from the previous figure of 2.6.
Trend-following investors would be interested to note that investors are seeking long positions as Sugar price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, according to technical analysis of Sugar's Relative Strength Index (RSI), the market is currently overbought. Analysis based on the asset volatility indicates that ICE Sugar's upper Bollinger Band® is at $26.62, suggesting that a downward move may follow.
Notwithstanding ICE Sugar's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen in other Softs as Coffee closed at $185.75 (down 1.3%). Cocoa ascends 0.41% to trade around $2,936.
The commodity has been trending positively for about a month. A day ago the Sugar future reached a significant high of $26.41 but has consequently lost 0.23% since then.