July ICE world sugar futures (SBN25) present a selling opportunity on more price weakness.
You can see on the daily bar chart for July ICE world sugar futures that prices have sold off from the recent high to form a bearish double-top reversal pattern. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator has just produced a bearish line crossover signal, whereby the red trigger line crossed below the blue MACD line.
A move in July world sugar prices below chart support at 18.75 cents would give the bears fresh power and it would also become a selling opportunity. The downside price objective would be 17.50 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 19.30 cents.
IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.
Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%):
Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.
