The Commodity Specialist view – This year’s bear run has continued, with not much interruption. Earlier support points have fallen by the wayside but, now, a long term 76.4% retracement level has been reached, where the market is trying to find support…
- SUGAR #11 (ICE) WEEKLY CHART – CONTINUATION:
In the Commodity Specialist Guide we had earlier looked for support from around the old 2008 high. This failed, but focus has now turned to the 76.4% pullback level, the next opportunity for the market to contemplate a change in direction.
At least s/term support here is not unexpected. - SUGAR #11 (ICE) DAILY CHART – JUL-10:
On the Daily chart we had marked in the next Fibo projection at 13.40, close to the long term 76.4% level above.
S/term this has been supportive, but a recovery through first resistance at 15.45/85, 01-Apr low and current 23.6% bounce level, is needed to signal fading bear momentum and provide an initial bull sign.
Meanwhile we must await developments.
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