It is very close to the multiyear trendline support and currently sitting on the bottom of triangle resistance. Below 17 would jeopardize this nice technical picture but until then I will watch it closely. Hope it helps.
Thursday, 25 April 2013
Sugar telling something
Beside all the discussions on the "topping" equity markets, Sugar slowly presents a long term opportunity here. The prices are extremely oversold and depressed. The downside seems very limited and it is ripe for a strong bounce. Although it may take another couple of weeks to get out of the descending triangle, I think it is worth to watch the action closely.
It is very close to the multiyear trendline support and currently sitting on the bottom of triangle resistance. Below 17 would jeopardize this nice technical picture but until then I will watch it closely. Hope it helps.
It is very close to the multiyear trendline support and currently sitting on the bottom of triangle resistance. Below 17 would jeopardize this nice technical picture but until then I will watch it closely. Hope it helps.
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Looks promising indeed
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