Sugar apparently stalls its drop

The commodity markets have been hurt lately by the situation in China and on the daily chart of sugar we can see that the sweet commodity has not been an exception. However, on the same daily chart we can see that the 10.35 has acted as a good support so far and the price stalls there. The last few daily candles have formed some “spinning tops” which indicate exhaustion of the downtrend, but with a lot of indecision. If the price retraces to the upside, then the 11.00 could become resistance or even the 11.60. To the downside, the 10.35 could continue acting as support, but the downtrend is still in place as shown by the MACD indicator. The 200 day exponential moving average is relative far away at the 13.20 level, indicating that probably it would take some time before we see a real change in direction to the upside.