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Sugar Turns More Negative After 76.4% Resistance Test

Commodities / Commodities Trading Mar 18, 2011 - 08:32 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleIn our last Sugar Update we were looking at potential resistance from a long term Fibonacci level. So far the reaction around this has been negative and now there are further reasons to expect continued weakness.


The Commodity Specialist view


SUGAR 11 - MONTHLY CONTINUATION CHART:

The bull leg that started from a 13.00 2010 low recently saw a test/erosion of the long term 76.4% recovery level.

In the Commodity Specialist Guide we have been awaiting a clear reaction to this, and it has proved negative.

SUGAR 11 - DAILY CHART  MAY-11:

After s/term resistance was found around an old high from Dec a fresh slip has now tested/eroded key, dual, support from the bull channel base and 38.2% 26.00 level.

In the process the neckline of a Head and Shoulders has also been breached, providing an initial bear signal.

Bears may be cautious about chasing the market here, noting a minor Fibo projection at 24.40, but any s/term rally should be temporary at this stage (and probably not deep), ahead of further weakness.

The power should be there to extend to the 61.8% 21.60 area.

Mark Sturdy
John Lewis

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 techni44cal 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.

© 2011 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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