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