Took longer to develop as the market decided to test the upper level of the 3 year trend channel In the meantime, we had several bearish and bullish engulfing patterns and an up sloping trendline (orange) formed. The previous highs made at 15.50 developed and formed a divergence with RSI and Stochastik. Spreads were stable but collapsed as SB sold of on...
On the Daily chart of Sugar, price is trading in a three wave action. We are more and more viewing this three wave action as a new bullish cycle, because of a broken upper channel line and a very sharp action in current wave (iii) . That said price could be facing a correction in blue wave (iv) in days ahead before market will continue even higher within impulse....
Still bullish SB as it appreciated over the past month. It really gained momentum has it had to break out from oversold conditions. What happened over the course was the term structure (future spreads) are now in backwardation for the entire next year. This leaves me with remaining bullish as it foreshadows supply tightness coming out of Brazil. Also the USDBRL...
Hammer formation and bullish engulfing at the lower end of a 3 year downtrend channel and lower Bollinger band Short term target around the upper Bollinger band with further upside towards the higher end of the trend channel Also to note: USD/BRL is on a mutliyear high, hence a retracement in the currency pair would send the prices in Sugar higher.
On the Daily chart of Sugar we see that price has made five blue waves to the downside, completing an impulsive structure of a higher degree. That said we think that Sugar may have found a bottom, at least temporary, because rally from the lows needs to be structured by three waves. Currently we see wave (c) in play back to the area of a former wave (iv) - 12.83....
This is a low success rate and high rate of return in the middle of transaction, I will Jump bottom edge of the vacancies as my stop loss, At present this is not an accurate Target, In the absence of a significant a sell signal before I will always hold the positions, Huge volume and Jump vacancies mouth seemed to herald The medium-term adjustment is...
Awaiting development in USDBRL on this symmetrical triangle formation Most of the time if a triangle like this happens in a trend, the breakout that follows goes with the trend. Yet, to me, it is wait and see. Implications on commodities: - Breakout higher would be bearish for sugar and coffee (both traded in USD on the ICE) - Breakout lower would mean...
Stochastik crossed to the upside Lower end of channel for the past 2 years. Traget 1: 12.75 Target 2: 13.50 Max target: upper end of trend channel 15.00
Sell at : 12.15 with stop loss at 12.27 Target at 11.45 Stop loss must remain until target is hit.
Daily Support and Resistance for May Sugar
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...
This is part 2 of a post I did in September 2013. Nothing has changed, really. The same MACD signals produce good profits. Sugar futures are traded on the ICE exchange and any futures brokes can give you access. The margin requirement is $950. When MACD crosses positive on the daily I plan to go long.
Shorting Coca-Cola bottling company. Why? Price is near 52 week high. Recent strong rally in price, on no news. Price stopped accelerating upward, slowing/stopping (bulls are done). Consumer sentiment for sugary beverages continues to fall. Biggest sales are Europe which is currently burning the Euro. Price targets * 100 * 91 I'm not confident on the...
I would not go short on SB#11 unless we break the 14-level. It is true the possible ABC sequence can turn into a 12345 downtrend, but at this point in time both scenarios are possible. I would stay neutral for the time being, but if you really want to trade short-term, I would recommend evaluating a possible buy at levels above 14.90 with (keeping tight stops...
The awesome oscillator shows the downward trend is over by divergence between the 3 and 5. The next move appears to be the a-b-c correction that would form a wave A. Fibo ratios are in place suggesting the next possible targets. Weekly chart turning bullish with MACD divergence. I know the big drop today is somehow scaring (good volume tho), so to be on the...
Two down bars at a top with a price gap below $16 makes me think a third down bar will happen. SUgar market opens tonight around midnight PDT (CALIF) so I will have to set my alarm.......
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...