Sugar Testing Long Term 76.4% Support
20 May 2010
The Commodity Specialist view -
SUGAR #11 (ICE) WEEKLY CHART - CONTINUATION: In the Commodity Specialist Guide we had earlier looked for support from around the old 2008 high. This failed, but focus has now turned to the 76.4% pullback level, the next opportunity for the market to contemplate a change in direction. At least s/term support here is not unexpected. |
SUGAR #11 (ICE) DAILY CHART - JUL-10: On the Daily chart we had marked in the next Fibo projection at 13.40, close to the long term 76.4% level above. S/term this has been supportive, but a recovery through first resistance at 15.45/85, 01-Apr low and current 23.6% bounce level, is needed to signal fading bear momentum and provide an initial bull sign. Meanwhile we must await developments. |
Philip Allwright
Mark Sturdy
Seven Days Ahead
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