SB Bullish, still on trackStill bullish SB as it appreciated over the past month. It really gained momentum has it had to break out from oversold conditions.
What happened over the course was the term structure (future spreads) are now in backwardation for the entire next year. This leaves me with remaining bullish as it foreshadows supply tightness coming out of Brazil.
Also the USDBRL has come off of its highs and could provide some further support for a rally
Sugar
Sugar May have Found A Bottom On the Daily chart of Sugar we see that price has made five blue waves to the downside, completing an impulsive structure of a higher degree. That said we think that Sugar may have found a bottom, at least temporary, because rally from the lows needs to be structured by three waves. Currently we see wave (c) in play back to the area of a former wave (iv) - 12.83.
www.ew-forecast.com
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.
Sugar Futures: an often overlooked market you can swing trade IIThis is part 2 of a post I did in September 2013. Nothing has changed, really. The same MACD signals produce good profits. Sugar futures are traded on the ICE exchange and any futures brokes can give you access.
The margin requirement is $950. When MACD crosses positive on the daily I plan to go long.
COKE - ShortShorting Coca-Cola bottling company.
Why?
Price is near 52 week high.
Recent strong rally in price, on no news.
Price stopped accelerating upward, slowing/stopping (bulls are done).
Consumer sentiment for sugary beverages continues to fall.
Biggest sales are Europe which is currently burning the Euro.
Price targets
* 100
* 91
I'm not confident on the price targets, but I am fairly confident on the overall direction turning from up to down.
SB #11 possible A-B-C correctionThe awesome oscillator shows the downward trend is over by divergence between the 3 and 5. The next move appears to be the a-b-c correction that would form a wave A.
Fibo ratios are in place suggesting the next possible targets. Weekly chart turning bullish with MACD divergence.
I know the big drop today is somehow scaring (good volume tho), so to be on the “safe-side” I would suggest buying at levels close to today’s high with a stop-loss somewhere on the channeling (in light gray).
Bottom line: The end of a downward trend is clear and it gives a good opportunity to trade a correction wave with reasonably low risk.
Sugar #11 Sell Stop at 16.25 looking for 10 - 15 ticksTwo down bars at a top with a price gap below $16 makes me think a third down bar will happen.
SUgar market opens tonight around midnight PDT (CALIF) so I will have to set my alarm.......
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
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