UPDATE: pattern appears to have held. too early to call a new trend in place, will obviously need to survive the first major pullback. w/ such a major down trend in place, expect the lows to be attacked again or not? A “normal” correction will be very bullish in my mind.
been watching SUGAR for a while and, particularly the 16 dollar area on the continuous contract. this target has been HIT and, you might want to stack up on sugar products because it has the potential to be a big bottom … go get your fruit loops or coco puffs or what have you …
have a great weekend and off to the Nationals Game … 1% chance, you never know!
so, target zone depicted above and here’s the latest, up to date action:
agree sugar is in a deep bear trend but this soft moves slow ….. may be 6 months before you see a significant bid. the surplus in indian sub continent is a major factor to overcome in any rally.
Mark
thank you for reading the post! amazing … if you look to some of my first posts, you’ll see that I am a “pure play” advanced pattern recognition trader. I, honestly, do not understand the factors affecting the Indian subcontinent. I see a major pattern completing and therefore see Sugar in the “bid” now. Not meant to be verbose or anything like that — I just trade and analyze patterns. IMHO this pattern is complete. Now, patterns DO FAIL so if we are going thru 16 on, say, a weekly closing basis then sugar is in REAL trouble….does that make sense. enjoy the dialogue and thanks again for taking time to analyze and post your thoughts. let me know if you would like for me to work anything else up…am planning on doing the S&P this weekend. FYI, the Washington Nationals won…a long shot, but a GREAT way to spend a Friday night in the Nations Capital. BART