Sugar
I have written for the last few months, and especially last month:
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 % a cent lower every two weeks and one can hope that its advance may stimulate either a Bearish incentive or else a counter Bullish move.
The Long MA did indeed come down amongst the market for we saw prices rise in mid November to meet it. We even had the requisite two consecutive closes over the Long MA...and more. Yet it all failed to simulate the market and what was a rising market seems to have ended up with a possible failed Bearish Double Top Pattern and also a seemingly failed Key Reversal Up. The market seems now to have taken the Long MA as a determinant of the Bearish angle of attack as we head down...again...into previous territory. There is a faint hope that as the Long MA and the Medium MA come closer that we might spark a move outside of Neutral but I don't hold with it as an idea...a touch desperate if you ask me. It seems we are back into the Third Way of Markets - Neutral.
Support is at 14.92 - 14.73, 14.36, 14.25 (dynamic) and 14.01.
Resistance is at 15.09 (dynamic), 15.30, 15.37, 15.49, 15.95 and 16.59. Bullet point stays the same.
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