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Hugo in HTO Trading,

Sugar: Making a potential symmetrical triangle

Since the beginning of the year the commodity gained more than 29.8%, but last week lost over of 3.0% in addition is in a well-established bullish phase since April of 2016.

Last week the sugar fell with a narrow range after an attempt of making a new high and closed near the low of the week, however managed to close within the previous week range, which suggests being slightly on the bearish side of neutral.

Stochastic is showing lack of 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 18.84 (scenario 1) however a break below the Fibonacci extension at 18.27 may trigger a downward move to a weekly support at 16.13 (scenario 2).