Sugar Bears Still Have Energy
12 November 2009
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.
|
Philip Allwright
Mark Sturdy
Seven Days Ahead
Next story:
US Dollar Index Might Be At Pivotal Moment 
Previous story:
Natural Gas Pullback – a Temporary Affair?