Since the beginning of the year, the commodity lost almost 9.0% but last week manage to stay afloat with a minor rise of almost 0.4% and is in a bearish phase since late January 2018.
Last week the sugar went back and forward without any clear direction, and closed in the middle of the weekly range, furthermore the soft commodity managed to close within the previous week range, which suggests being clearly neutral, neither side is showing control.
The stochastic is showing a weak bullish momentum and crossed above the oversold zone although is still below the 50 mid line.
The commodity seems to have found some support near 2017 low at 12.71 however is still fragile due to its lack of strength failing to close above the 10-week moving average. Overall, remains in a range bound mode between 15.14 down to 12.71.
Expecting an upward move to a Fibonacci retracement at 14.78 on a break above the previous week high at 14.02 (scenario 1) however a bounce from the Fibonacci retracement at 14.78 may trigger another downward push to a weekly support at 13.29.