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Has Sugar Bottomed?I just wanted to take a moment to share this bit of insight. I'll try my best to be brief in my analysis. What you see is a continuous chart of Sugar futures. In my opinion, I'm thinking that there is a reversal in trend that is about to take place and here's why. The first thing that you may see is the downward slopping trend channel which began in October of last year which depicted a clear bear market. In late June of this year, prices broke through the bottom of the channel and created what I consider to be an obvious selling climax. Preceding the climactic selloff was a shortening of downward thrust, which showed stopping action in the market's selling. Since then, prices have moved sideways, creating a base. One thing that stands out about this base is the fact that the supports continue to rise, which is an indication that bulls are buying at higher levels each time the price falls. As I type this, prices are at the top of the range. Does this mean that there will be a breakout? I wouldn't go that far. After all, there was a false breakout on July 31st, which was checked at the overhead resistance area of the April '17 low. Another case for a bullish reversal, going back to the selling climax, is that the wave volume shows continuous increases in volume in the buying waves. Such action indicates that demand is overcoming supply. Something to note is how prices are pulling away from the bottom of the channel as it forms what may be an accumulative base. Conclusion: I'm gonna have to see a strong close above not only the top of the accumulative base but also above the April '17 swing low. Such action will be a signal to get long following a pullback to test the breakout area. On another note, I find it interesting that Sugar, or any commodity for that matter, is setting up for a potential move to the upside as the U.S. Dollar is about to make a strong move to the upside as well. A strong dollar is usually bearish for commodities, but hey, we can only listen to what the charts tell us, right?
SLong
by CarterBoyFX
SOYBEAN - Back to support, now what?This weekly chart reveilles what happened after price shoot up...80% to the centerline as we know. Unfortunately it never gave us a chance to profit from this straight way up. The only potential, riskier entry would have be taking the test/retest at the up sloping A/R. Price reached the centerline, bounced back down, did a textbook retest of the zoome centerline and fell off the cliff. New chance to buy? Well, at least we would have a tiny little structure (green block) which could act as support. If you wanna be right, look to the left, my mentor always said. By doing this we can see where the real base where in 2007/2008. There we have a huge structure which to me on the longer timeframe is very important, as longterm traders respect and trade upon those mountains and valleys. Extending it's base to the right, we see where price would land today...right in the zone of a) the very old base b) the support of the (green) block and c) potentially down to the L-MLH of the orange fork If ones intention is to play the big game, then he definitely would do himself a favor by being patient and observe what is going on from now. P!
S
by Tr8dingN3rd
SB#11 - Get ready to “dive the five” I still do not like longs on most of ags, unless you aim short term and get orthodox with your stops. Since my previous post about one month ago (see link below), SB11 is keeping its pace moving downstairs. At this point in time I see no signs of reversal, instead, my reading says we are about to “dive the five”. What comes after that remains to be seen. It is true that technically this fourth wave could hike up to the 13.50-ish level, however, I don’t think going long at this point has a good risk/reward ratio. I believe one would be better off building shorts from here and keeping an eye on possible DX reversal.
S
by againstthegrain
2
Raw Sugar (SB) Confirms Double Bottom @ Descending Wedge SupportSB has just completed a double bottom with its 2010 low at .13 (on the spot price chart - go to stockcharts.com, pull up a 5yr weekly chart using symbol $sugar). Also key is the strong bounce off of support at an increasingly narrowing descending wedge. The March15 contract has lagged behind the October14 contract in this week's rally so far, but I am expecting March15 to catch up soon with open interest rolling into the March (and March showing heavier volume yesterday). Adding to my bullish tilt is the weekly RSI, MACD and Slow Stochastics all turning up now. Feel free to visit stks.co for today's technical analysis on $SB_F, $KC_F, $ZC_F, $ZW_F, $NG_F, $VIX_F, $NQ_F, $NFLX, $ES_F, $TSLA, $USDJPY, $EURUSD Website: tradablepatterns.com FB: facebook.com Stocktwits: stocktwits.com Twitter: twitter.com Linkedin: www.linkedin.com YouTube: www.youtube.com Google+: google.com Email: info@tradablepatterns.com
SLong
by TradablePatterns