I still do not like longs on most of ags, unless you aim short term and get orthodox with your stops. Since my previous post about one month ago (see link below), SB11 is keeping its pace moving downstairs. At this point in time I see no signs of reversal, instead, my reading says we are about to “dive the five”. What comes after that remains to be seen. It is...
The sentiment in SB is at historic pessimistic extremes, and we are at the end of this channel and every time it touch this one it bounce strongly... I'm going long here, waiting to a mean revertion to SMA200 (15,30 right now)
SB has just completed a double bottom with its 2010 low at .13 (on the spot price chart - go to stockcharts.com, pull up a 5yr weekly chart using symbol $sugar). Also key is the strong bounce off of support at an increasingly narrowing descending wedge. The March15 contract has lagged behind the October14 contract in this week's rally so far, but I am expecting...
SB made a structure low in Jan 2014 and has never broke lower. Recent range made three tops. The fourth will breakthrough with some massive run coming. Sugar is of course inflationary sensitive.
Could it be wave 5? Little clue about EW here