The overall trend for sugar is bullish. Price has clearly broken out of the downward trendline and is retesting the support zone between 0.18242 and 0.17595 which is also in confluence with the retest of the downward trendline. We could see that the RSI around the centreline which shows that price is likely to continue to the upside.
From the overview of price, we could see that price seems to have changed it bias to the upside and is testing the support zone between 1.34056 and 1.33490. We could also see that the RSI indicator is almost in the oversold region and should anticipate a possible reversal to the upside .
Germany stocks were higher after the close on Thursday, as gains in the Utilities, Telecoms and Insurance sectors led shares higher.
At the close in Frankfurt, the DAX rose 0.42%, while the MDAX index added 0.28%, and the TecDAX index climbed 0.02%.
from the overview of price, we could see that price made a reversal to the upside after testing the resistance zone between 15099 and 14996 and is likely to test the support zone between 15876 and 15782 which also has a confluence with the downward trendline before pushing to the downside. The RSI is moving towards the oversold level for a possible reversal to the downside.