Since the beginning of the year the commodity lost more than 28.5% plus last week managed to drop almost 1.0% and remains in a recovery phase since late September.
Last week the sugar initially tried to rise but found enough resistance at the previous week open to erase all its gains and closed near the low of the weekly range, furthermore the soft commodity closed within the previous week range, which suggests being slightly on the bearish side of neutral.
The stochastic is showing a strong bearish momentum although is still above 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 and seems to be trading within a consolidation zone that goes from 15.14 down to 13.29.
Expecting a downward move to a weekly support at 13.29 (scenario 1) or even down to 2017 low at 12.71 (scenario 2) on a break below the previous week low at 13.81.