FxWirePro: Sugar Faces Strong Support at $13.70, Good to Buy at Dips

FxWirePro: Sugar Faces Strong Support at $13.70, Good to Buy at Dips

18 April 2016, 10:52
Roberto Jacobs
0
7

FxWirePro: Sugar Faces Strong Support at $13.70, Good to Buy at Dips

  • Major resistance - $14.95 (7 W EMA). 
  • Major support - $13.70 (200 day MA) 
  • Sugar has made a low of $13.70 and started to recover from that level. It is currently trading around $15.04. 
  • Short term jump is possible till $15.4/$16.25/$16.75 is possible as long as support $13.70 holds. 
  • Any break above $14.95 confirms continuation of bull trend a jump till $16.25/$16.75 is possible. The commodity should break above $16.75 for major trend reversal. 
  • The commodity minor support is around $14.50 and break below targets $14/$13.70.

It is good to buy at dips around $14.75-80 with SL around $13.70 for the TP of $16.25/$16.75

The material has been provided by InstaForex Company - www.instaforex.com



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