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Sugar Surge Reaches Key Fibonacci Area

07 January 2010


The Commodity Specialist view -



Initially the market struggled to stay above the major 50% level of the 1980-85 downmove, but good support came from near the old 19.73 2006 high.

The current upleg has quickly reached the 61.8% recovery level, and we await reaction around here - bulls could falter.


A key reversal day on 27-Nov and then break of falling resistance gave initial bullish clues.

The Sep-09 high has been clearly breached but we have calculated a Fibo projection on this chart (28.38) which, while eroded now, should be given some respect, as it coincides nicely with the long term 61.8% area.

There is at least chance of a s/term pullback

. Initial support is offered by the 26.25 Sep high, but it is the 25.00/24.00 support area that could prove key to future performance.




Philip Allwright

Mark Sturdy

Seven Days Ahead

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