Put Options On Sugar As Weather Clears Up In Brazil
Jul, 11th 10:02
In June, the sugar price experienced an aggressive up move, as Brazil, the world’s largest sugar producer, encountered heavy rains, which hampered sugar harvesting, affected yields in the country and adversely influenced the supply. However, a drier climate is forecast in Brazil for the coming months, which will help accelerate the sugar harvest, and help lower food prices. On the daily chart, the commodity is suffering a sharp loss after hitting the resistance at 21.08, formed on July 6. RSI (14) is ticking down to the level of 52.5333, indicating that the bullish trend is becoming weaker. According to the parabolic SAR, a break is about to happen with the SAR band nearing convergence with the price movement. The price is anticipated to drop further.
Buy Digital Put Option from 19.32 to 19.82 valid until 20:00 July 15, 2016
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