Since the beginning of the year the commodity lost more than 14.0% also last week fell in excess of 4.5% and continues in a bearish phase since late February.
Last week the sugar dropped with a wide range and closed near the low of the week, furthermore the soft commodity managed to close below the previous week low, which suggests a strong bearish momentum.
The stochastic is showing an oversold market although is still displaying a strong bearish momentum.
The confluence of the weekly support and the 200-week moving average may provide a good support for an upward correction.
Expecting an upward move to a weekly resistance at 18.84 on a bounce from the weekly support at 16.13 (scenario 1) however a bounce below from the weekly resistance at 18.84 may trigger another bearish downward move to the weekly support at 16.13 (scenario 2).