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FxWirePro: Sugar faces strong support at $13.70, good to buy at dips

  • Major resistance - $14.95 (7 W EMA).
     
  • Major support - $13.70 (200 day MA)
     
  • Sugar has made a low of $13.70 and started to recover from that level. It is currently trading around $15.04.
     
  • Short term jump is possible till $15.4/$16.25/$16.75 is possible as long as support $13.70 holds.
     
  • Any break above $14.95 confirms continuation of bull trend a jump till $16.25/$16.75 is possible. The commodity should break above $16.75 for major trend reversal.
     
  • The commodity minor support is around $14.50 and break below targets $14/$13.70.

It is good to buy at dips around $14.75-80 with SL around $13.70 for the TP of $16.25/$16.75

 

 

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