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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

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