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Sugar Bulls Faltering at Long Term 76.4% Level

Commodities / Commodities Trading Feb 11, 2011 - 05:36 AM GMT

By: Seven_Days_Ahead

Commodities

Following the sharp 2010 drop back in Sugar the subsequent recovery has seen new highs which have tested a long term Fibonacci level. We currently await a better reaction around here but, so far, the market is finding resistance.


The Commodity Specialist view

SUGAR 11 - MONTHLY CONTINUATION CHART:

The bull move has reached the long term 34.75 76.4% recovery level where we await better reaction –s/term resistance is currently apparent here.

SUGAR 11 - DAILY CHART MAR-11:

This year’s brief new high followed by fresh weakness keeps the technical picture uncertain, with the long term 76.4% resistance (above) still having an effect.

The first negative sign here would be a drop through the 29.50 30-Dec low. But more key is dual support from the channel base projection and current 38.2% pullback at 27.85.

A break of this support area would herald a more prolonged pullback phase.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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