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Sugar Commodity Bears Still Have Energy

Commodities / Agricultural Commodities Nov 13, 2009 - 07:19 AM GMT

By: Seven_Days_Ahead

Commodities Best Financial Markets Analysis ArticleA Key Reversal Week in early September, which we highlighted in a previous Update, has provided a bearish backdrop to the technical picture of Sugar. It remains the marker of the end of a previous strong bull run and there is still bear risk.


The Commodity Specialist view

WEEKLY CHART – MAR-10:

The early Sep Key Reversal Week prompted us to adopt a bearish stance.

Subsequent price action has been quite choppy, but we currently seek a bear resolution from this.

 

 

DAILY CHART – MAR-10:

We have been viewing any s/term strength as temporary – this is likely to be the case while resistance from the bear channel top around 24.00 and 24.68 19-Oct high stays effective.

Next downside target is the 38.2% level. Also note lower support from the bear channel base around 20.00 currently, close to the 19.73 2006 high on the continuation chart.

In the Commodity Specialist Guide recently-suggested shorts around 24.00, with initial stops at 25.00, are seeking 21.00 for partial profits with stops then reducing to cost. 20.00 is favoured as a further profit target.

Mark Sturdy
Philip Allwright

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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