Sugar hasn’t been too sweet for those that have been long it for the past 90-days, as Sugar ETF (SGG) has lost a third of its value. Could Sugar be about to turn sweet for those long the ETF? Check out where the large decline has SGG at this time.
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Let’s be clear about this in regards to SGG, it is in a downtrend and nothing that has happened of late that has changed that! We do focus on potential turn around zones and this could be one where a counter trend rally could start. The large decline over the past 90-days has SGG testing a potential support cluster at (1), with one of the potential support lines being the lows of last year.
The large and swift decline has been hard on the bulls and they understandably are hard to find.
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Are the sour times for Sugar about to end? We find the support test and the percent of investors bullish Sugar, a set up where several opportunities could take place.
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