Sugar Recovery Still Unable to Overcome Resistance
01 September 2011
WEEKLY CHART -CONTINUATION
The recovery from support near to the old 2006 high looks to be faltering on its approach to the 32.40 76.4% retracement level.
SUGAR 11 DAILY CHART -Oct-11:
Unable to hold below the 27.57 Feb high and 38.2% retracement the market has bounced to retest prior resistance around our earlier Fibo projection. Also keep in mind resistance on the weekly chart -further gains could be a struggle.
At this stage a slip below the 26.38 08-Aug low would suggest a more prolonged setback was in process.
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