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Soft Commodities Trading, Sugar Strength May Be Sapping

Commodities / Agricultural Commodities Jul 17, 2009 - 03:07 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleSugar is one of the Softs that has been performing very well over the last few weeks. However, certain bull targets have been reached/exceeded and we are looking closer now for a pullback phase.


The Commodity Trader’s view

MONTHLY CHART – CONTINUATION:

After a prolonged triangular consolidation on the continuation chart the bull break worked well (unlike a recent one in Cocoa).

Our 76.4% target was reached/ exceeded, and there is now scope for a pullback phase.

 

 

DAILY CHART – Oct-09::

The recent upleg off 15.61 17-Jun low almost reached our Fibo projection at 18.20. This projection is related to the fact that the current 38.2% pullback virtually coincides with this low.

There is a chance that this represents a final blow-off move ahead of a corrective phase – the market may need some more time however before this gets properly underway.

Note also a possible negative RSI divergence.

The 16.91 01-Jun high has been s/term supportive – breaks of this and the 16.52 23.6% pullback level would be negative signs.

Just the chance nearby 16.17 Jul-08 high will be temporarily supportive but of more interest would be the lower 15.61/55 38.2% area. It is uncertain how bearish one should get here but this at least warns off eager buyers for now. Sell strategies will accordingly not be greedy initially.

Philip Allwright
Mark Sturdy

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2009 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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