Sugar
Even allowing for the contract jump due to expiry, the move sideways has been somewhat expected. The move higher this past week and then seemingly fail...well that has been disappointing. I wrote last time:
The only reason I've left the question mark on the Bearish bullet point above is that we are so close to all the key recent resistances that it may only take a single concerted effort to turn the market around. However, my additional points over the past two months still remain.
They are - you need consecutive closes (real ones!) over the Medium MA to move the market into Neutral and consecutive closes over the Long MA (currently 16.32) to turn the market Bullish.'.
We've had our 'concerted effort' up this past week and it seemingly has failed on the upside whilst the Bearish pressure from the Middle Tine of the January 2011 - October 2016 Schiff Pitchfork (currently 13.47) has seemingly also dissipated...a truly Neutral market! We are above the Medium MA (currently 13.93) and below the Long MA (currently 15.62)...the Long MA is the last anticipated Bearish pressure yet to be applied.
It is advancing at a pace - roughly 34 a cent lower every two weeks and one can hope that its advance may simulate either a Bearish incentive or else a counter Bullish move. At the moment...I've put the bullet point into Neutral until I see something else.
Support is currently at 14.15, 13.93, 13.83, 13.53 - 13.47, 13.01, 12.92, 12.53 - 12.34.
Resistance is currently at 14.59, 14.84, 15.15, 15.37 & 15.62 (dynamic).
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