After peaking in early Feb the drop back in Sugar 11 found a low in May, from whence a recovery got underway. This has made a new high on the front month chart, but certain resistance levels are now not far off.

  • WEEKLY CHART -CONTINUATION The earlier fall in 2011 found support not far above the old 19.73 2006 high. Subsequent recovery has been strong and steady, and focus is now on the 32.40 76.4% retracement where we look out for resistance.
  • DAILY CHART –Oct-11: Continued strength here has exceeded the 27.57 Feb high and eroded our bull channel top projection. With the current structure showing no sign of fatigue note the next target/ possible resistance here comes from the 1.618 swing projection off prior Feb/May downmove, at 31.80, close to the 76.4% level on the Weekly chart. Resistance near here would not surprise.

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