Price broke through recent support with last week's CFTC report showing commecials still short. This weeks report shows that the commercials have used the speculator selling to have a massive buying spree to levels that started the last swing to 0.15 (16% upside from here)
Don't take this as trading advice, just committing my thoughts to e-paper!
Price currently at weekly resistance 114.5 (Since May '17) Next resistance at 115.5, stop just above that (115.6)
Price touching downtrend resistance line (since June '17)
Volatility (Bollinger Band width) at low values usually seen preceeding large moves (sell off in...
In uptrend after breakout from resitance. Momentum slowing, looking for stochastic to turn down before going short. Pullback to rising trendline, which is also a 50% retracement.
Commitment of traders (see COT indicator) accumulation of short positions matches previous cycles prior to a similar price decline.
Lets see how this looks in a few months.
Price action becoming bullish, though this could be a shorter counter-trend reaction.
The commitments of traders shows the commercials being long sugar at the highest level in 25 years with large speculators conversely being equally short, a setup for a reversal.
