Sugar Surge Reaches Key Fibonacci Area
07 January 2010
The Commodity Specialist view -
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MONTHLY CHART - CONTINUATION: 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. |
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DAILY CHART - MAR-10: 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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