1. July sugar completed the recent forecast decline from $17.70 to $17.38 with the possibility of a test/attempt at $17.22 (or lower).
2. Tuesdays April 29 session completed the $17.38 initial downside profit target for self-directed traders (session low, $17.34) but reversed off that level and hit our suggested $17.63 protective buy stop. This completes the trade.
1. Although not an outright forecast, watch for further decline and test/attempt at $17.22 in July sugar into tomorrow, Tuesday, April 29 (+1 day).
2. Should such a decline occur this may prompt new long entry in July sugar if the market confirms at (or below) $17.22. Will update if the market confirms.
1. In Mondays (April 28) live meeting it was noted that July sugar would likely decline from $17.70 to $17.38, then a possible test/attempt at $17.22 (or lower).
2. Today’s (Tuesday, April 29) session completed the $17.38 initial downside target (session low, $17.34, so far). This is partial profit-taking territory, as noted in yesterday’s meeting.
3. Further decline remains possible ($17.22 noted above) but self-directed traders should place a protective buy stop at/near $17.63 at this time. Will update.