Oh sweet sugar

One of the most promising longs I have been following lately is sugar. The timing looks right this week or next. The blue line plays as support although I know it doesn't look perfect. I don't like to draw my lines with chalk. I rather prefer pencil and the blue line drawn with pencil has been slightly violated in the last 2 weeks. However, the positive divergences in daily and weekly charts still tell me that this can be a good long. I think the strength of sellers is diminishing and if the prices can break the red resistance, there is a long way to go up, first to the green and then to the orange resistance lines.

The weekly chart also indicates a massive support line all the way from 2003. I had to ignore the weird action in 2003 when the prices went to almost zero in one day. This support is extremely important this week and the next. Hope it doesn't break. Anything below 17.50 would make me think that this beautiful long picture is fading.