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…

The Commodity Specialist view

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.

Mark Sturdy
John Lewis

Seven Days Ahead
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