Sugar Fighting The Trendline
October Sugar has been climbing off the August 1st lows after the collapse we saw from July 18th highs near the 19.50 level. Overall, the market has been trending lower with lower highs and lower lows and has pivoted to the downside again after testing strong resistance near the 200-day moving average and the .382 retracement level. There is also a nice trend line trending back to January of 2022, and we are back trading below that level again. To the downside, there is strong support near the 17.40 level, and a close below here could be a catalyst for sellers, and the bulls will look for a close back above the trendline to invite buyers.
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