Hugo
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Hugo in HTO Trading,

Sugar: Still trading within the symmetrical triangle

Since the beginning of the year the commodity gained more than 31.5%, but last week lost over of 1.5% in addition continues in a well-established bullish phase since April of 2016.

Last week the sugar fell with a narrow range and closed near the low of the week, in addition managed to close within the previous week range, which suggests being slightly on the bearish side of neutral also creating an inside week.

The stochastic is showing weak bearish momentum although is still above the 50 mid line.

Expecting an upward move to a weekly support at 20.13 on a bounce from other weekly support at 19.00 (scenario 1) and a potential continuation of the bullish momentum to a Fibonacci extension at 21.73 on a break above the 20.13(scenario 2), however a break below the Fibonacci extension at 18.27 may trigger a downward move to a weekly support at 16.13 (scenario 3).