09 February 2011

Sugar : Topping Out ?

  • Monthly : Possible reversal in progress. High 36.08, now at 31.46.
  • Weekly : Rally getting tired. Local uptrend line being challenged. Few tops evident. Would be ideal if we get a rally towards 34 to form the right shoulder of a SHS top. Unlikely it ever pans out that way in practice. Probably need to get short at less than ideal levels.
  • Daily : Upside resistance between 32-33 good for selling into.

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