Sugar struggles with the 19.00 level

On the daily chart of the March contract of sugar, we can see that the commodity has had a very good bearish trend during the past few months, but once it got to the 19.00 level, it stalls there and tries to pull back up. Around the 19.00 level we can also see the 200 day EMA, which could have also contributed for the instrument to stall there. Usually, the 200 period EMA acts as a good support or resistance zone. But the bearish trend is still in place and the price of sugar may try to break below the 200 day EMA. If it breaks to the downside, then the 18.00 level or the 17.00 level could act as support. On the other hand, the stochastics are in the over-sold area, indicating that the instrument may be ready for a bullish correction. To the upside, the 20.00 level may act as resistance, followed by the 21.00 level or the 22.57 level.