Sugar – Trade Set Up is Getting Sweeter
I have been watching Sugar (March 2010, SBH10) for a while now to see if a new downward trend is in place. It is getting close and I am placing a new stop sell order at 22.50 with a very close buy stop of 22.93. If my interpretation of the chart pattern is correct, Sugar will quickly take out the September 8th low of 21.95 toward my target of below 18.05. If I am wrong, Sugar may continue to correct upward in a more complex correction ending above 24.38 before moving downward again. I will place my trade, watch and wait.