Binary options on Sugar have continued to edge on lower levels with a fall of some 0.26%, and closing underling asset prices at $0.195. Sugar could continue to slide on the currents levels and binary traders could continue to eye for some lower prices over the next few sessions.
Since late November, trading sessions on Sugar prices have been in a narrow range inside a flat channel pattern as binary traders have traded sideways during a long period. Since late April, binary traders have been mainly buying Put binary options on Sugar and have pushed prices inside a clearly downtrend channel. With RSI situated on lower levels at 27.93 and stochastic RSI swimming in the oversold territory at 0.077, Sugar prices could continue to be in some pressure. Also, a break of the major support situated at $0.19 could accelerate the fall over 0.1875 areas. On the upside, a break and close over the main resistance at $0.2007 could push back Sugar prices over the upper line channel at $0.203.
Disclaimer:
The information in the above analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.
