After a recent s/term setback in Sugar an ensuing recovery has found resistance at previous levels. We wait to see if a more lasting pullback phase will get underway should prices keep easing.
- WEEKLY CHART –CONTINUATION The recovery from support near to the old 2006 high looks to be faltering on its approach to the 32.40 76.4% retracement level.
- SUGAR 11 DAILY CHART –Oct-11: Unable to hold below the 27.57 Feb high and 38.2% retracement the market has bounced to retest prior resistance around our earlier Fibo projection. Also keep in mind resistance on the weekly chart –further gains could be a struggle. At this stage a slip below the 26.38 08-Aug low would suggest a more prolonged setback was in process.
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