Sugar (ICE US) (OCT5) intraday: the RSI is oversold

Our pivot point is at 15.67.

Our preference: under pressure below 15.67.

Alternative scenario: above 15.67, look for 15.87 and 15.99.

Comment: the RSI is trading below 30. This could mean that either prices are in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Sugar (ICE US) (OCT5) is trading under both its 20 and 50 period moving average (respectively at 15.70 and 15.86).

Supports and resistances:

15.99 **

15.87 *

15.67 **

15.60

15.51 last

15.28

15.16 **