After setting new highs above 30 cents per pound, heavy selling in the commodities complex sent ICE Sugar futures several cents lower and into a broad congestion zone on the chart. This zone has developed into a long term Triangle chart pattern, shown here on the 240 minute time frame.
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As the trade continues winding sugar into a narrower range, the pattern is fast approaching the apex. This suggests a possible breakout in the near futures, as either support or resistance fails and the market moves out of this range to a new trading level.

Currently the price is approximately in the middle of this tightening range, and the breakout points have restricted to a less than 2 cent range as the triangle narrows. The overall development suggests this to be a continuation pattern, which would indicate a bias towards a breakout to the upside once the move initiates.

Sugar traded briefly above 32 cents prior to this selloff, giving the market a nearly 6 cent range to the upside for a retest of the highs, and a possibility of a resumption of the bull market towards the over 50-cents per pound record price set back in the 1970's.

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