Well you are on the right side of the Sugar trend trade. The Sugar Rat gave up on the Moon and Cheese run up in August and has been crawling back towards the shit house ever since with his normal zig zag pattern. The Aug low broke down in Sept and the Sept low broke down in Nov. Right now price is headed towards the late Nov low of the 22.80 area. So that is the next test. A break there would see 21.40 likely tested which is the major support and Rehab area for the Sugar Rat that has held for a year now. Nothing much postive with the chart as the 20ema has been falling and below the falling 50ema since Sept and continues following those train tracks down. Typically in downtrends price will rally back up to the falling 20ema and after poking its nose above it briefly will selloff again. That seems to be continuing, confirming the downtrend. But support is support and 22.80 area is the next test. Lower techncial indicators are bearish and below their 0 and 50 lines. But the CCI 20 which is very good for showing divergences more so than the others is showing a postive divergence at the late Nov low which suggests the downtrend is losing strength. That indicator is presently bouncing back to the 0 line and would be best to roll back down again to confirm more weakness. But the trend is your friend and so far the price trend down is intact. The Fib retracement level at 22.80 which is also price support is from the May/10 low to Aug/11 high. I'd be cautious near 22.80 myself if short but then I spook easy too. You definitely don't want to see the early Dec highs cleared again if short. Seasonals haven't been working well with most commodities but here is the link (lower left) on Sugar. It normally rallies in Oct and Nov and again from early Dec into Jan but is not its strongest period either.