Sugar has completed the bullish inverse head & shoulders pattern which could see prices drive higher in the next 2-3 months. We broke above the neck line & 100 day moving average at 17.00/02 to ultimately target 18.00/18.25. If we can hold above 17.15 we should now target 17.48/52. We should look overbought in the short term at this stage so watch for some profit taking.
Support at 16.95/90 offers a buying opportunity but if we continue lower, 16.75/70 should hold the downside at this stage.
Bund is lacking any direction. Resistance at 142.25/30 then 142.48/52 before 142.70/75, but above here today look for last week’s high & Fibonacci resistance at 142.95/00 & a selling opportunity. Keep stops on shorts tight as a break higher can then target 143.29/33.
Support at last week’s low of 141.86/83. A low for the day is likely again but below here today sees the August low of 141.67. Use a move here as a buying opportunity down to 141.60 with stops below 141.45.