Chart Structure In Sugar Is Excellent
Michael Seery of Seery Futures - InsideFutures.com - Wed Nov 22, 9:34AM CST

Sugar Futures--- Sugar futures in the March contract are trading higher by 10 points at 14.98 a pound as I have been recommending a bullish position with an average price of around 14.74 if you took that trade the stop loss has now been raised to yesterday's low at 14.73 as the chart structure is outstanding, however the stop loss will not be raised for another 9 trading sessions so you will have to accept the monetary risk at this time.

Sugar is still trading above their 20 and 100 day moving average telling you that the trend is to the upside, but for the bullish momentum to continue we have to break the November 17th high of 15.46 which was last weeks high as sugar has been riding the coattails of crude oil which hit another contract high in today's session up over a $1 as sugar is used as a bio diesel as ethanol demand has been very strong.

At the current time I'm also recommending a bullish position in cotton out of the soft commodities so continue to play this to the upside and you have not taken the original trade the risk from today's price level is around $300 per contract plus slippage and commission as the risk/reward are still in your favor in my opinion.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY---LOW

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