Sugar Commodity Forecast

Red day on Thursday for Sugar commodity after losing 0.408%
(Updated on May 09, 2024)

SBUSX Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 1.72%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Sugar commodity holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the commodity giving a more negative forecast for the stock. On further gains, the commodity will meet resistance from the long-term Moving Average at $20.67. On a fall, the commodity will find some support from the short-term average at $19.49. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this commodity may have low liquidity in periods, which increases the general risk.

Support, Risk & Stop-loss for Sugar commodity

Sugar finds support from accumulated volume at $19.48 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the commodity tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the commodity. During the last day, the commodity moved $0.150 between high and low, or 0.773%. For the last week the commodity has had daily average volatility of 1.36%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (SBUSX) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Sugar to open at $19.50, and during the day (based on 14 day Average True Range), to move between $19.14 and $19.96, which gives a possible trading interval of +/-$0.405 (+/-2.07%) up or down from last closing price. If Sugar takes out the full calculated possible swing range there will be an estimated 4.14% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $19.48 (0.36%) than the resistance at $19.63 (0.41%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Sugar commodity A Buy?

Sugar holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this commodity.

Current score: -2.957 Sell Candidate Unchanged

Predicted Opening Price for Sugar of Friday, May 10, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.