May ICE (SBAK0) and LIFFE (QWK0) Sugar:
Both markets experienced another Monday-morning collapse today, and the overall picture remains very heavy. The inverse structure continued to flatten over the past week in both markets, which is consistent with a weak picture.
Nevertheless, a small corrective bounce, or at least some trading within today’s range, would not be surprising in the next few sessions after today’s sharp price drop. This all the more as both markets have now reached an area of strong support from the last quarter of 2009. However, there is no immediate sign of reversal. Even so, as long as SBAK0 remains under the 100-day MA, and QWK0 under its median Bollinger band, a short-term corrective bounce not change the overall weak picture.
Provided by NewEdge USA, LLC
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