Sugar 11 Drop further after break down from consolidation phase which last time we mention. The price drop to low at 19.81 and rebound to 20.23 yesterday.
Since the price rebound before it reach previous low at 19.65 and 19.48 which indicate bullish sign. The trend change to bearish once the price drop and close below 19.81.
As from the picture, this is a 60 min chart, the price found support at 20.00 big round number and trading within the channel. We looking for long opportunity as long as the price trading within the channel or above 20.00.
Based on RSI at 46.21, which is in the middle, this may indicate a short term side way market may coming.
The direction change once the price close below the channel and 20.00 big round number, 1st support is previous low at 19.81. 1st resistance at previous high 20.30. The price may trade higher after break and close above 20.30, 2nd resistance at 20.50 which is also upside for the channel.
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