FxWirePro: Sugar trades weak after Brazil record cane crush, good to sell on rallies

• Major resistance - $16.10  
   
• Major support - $15.65 (7 day EMA)
   
• Sugar has declined more than 2% yesterday after cane data from top grower Brazil showed a record cane crush at the high end of expectations for the first half of April.
   
• The commodity ahs declined till $15.65 after making a high of $16.09.
   
• Short term trend is slightly weak a decline till $15 is possible.
   
• Any break above $16.10 confirms continuation of bull trend a jump till $16.63/ $16.95/$16.75 is possible. The commodity should break above $16.63 for major trend reversal.
   
• The commodity minor support is around $15.65 and break below targets $15.35/$15/$14.30.

It is good to sell on rallies around $15.85 with SL around $16.15 for the TP of $15.35/$15