The Commodity Specialist view – A few weeks ago we looked at Sugar’s test of a long term 76.4% pullback level. So far it has held nicely, and initial bull signs have started to appear…
- SUGAR #11 (ICE) WEEKLY CHART – CONTINUATION: So far, good support has been seen from around the long term 76.4% pullback level, after earlier failure of the old 2008 high. The Daily chart has given an initial positive signal too.
- SUGAR #11 (ICE) DAILY CHART – OCT-10: Note how the 13.67 new front month low coincides nicely with the long term 76.4% level above. Following earlier s/term resistance from around the 23.6% recovery level there has now been an initial, albeit modest, close above this. At this stage early bulls will not want to see the 14.32 02-Jun low breached. Upon a continuation higher, while keeping in mind 17.15 38.2% level, the next key resistance points would be the 18.10 15-Apr high (last breakdown point) and18.79 Nov-09 low (base of old range).
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