Since the beginning of the year the commodity lost almost 28.5% but last week managed to rise over 1.0% and is in a recovery phase since late August.
Last week the sugar went back and forward without any clear direction however managed to close in the green, in the middle of the weekly range, furthermore the soft commodity closed within the previous week range, which suggests being clearly neutral, neither side is showing control.
The stochastic is showing a strong bullish momentum although is still below the 50 mid line.
The commodity seems to have found some support around the 2014 low and made a double bottom at that key level plus closed shy above the 10-week moving average signaling a deeper correction to the upside.
Expecting an upward move to a weekly resistance at 15.14 on a break above the previous week high at 14.29 (scenario 1) however a bounce from the weekly resistance at 15.14 bring the bears back in pushing it down to a weekly support at 13.80 (scenario 2).