Since the beginning of the year the commodity lost more than 31.5% plus last week fell almost 4.0% and continues in a bearish phase since late February.
Last week the sugar fell with a narrow range and closed near the high of the week, furthermore the soft commodity managed to close within the previous week range, which suggests being slightly on the bearish side of neutral.
The stochastic is showing an extreme oversold market and is displaying lack of momentum.
The commodity is testing 2014 low a weekly support and it can be a good launching platform for the bulls however it can still spike downward to a Fibonacci extension at 12.72 before an upward correction.
Expecting an upward move to a weekly resistance at 15.14 on a break above the weekly support at 13.80 (scenario 1) however a bounce from a Fibonacci extension at 12.72 may trigger an upward move to the upper band of the weekly support at 13.80 (scenario 2).