Sugar

A double bottom pattern was confirmed today in July Sugar with it's close of 17.81 above it's neckline of 17.74.  The next key area to close above will be 17.97.  It is a previous swing high along with a MR1 and 50 DMA in the same zone.  I expect to get stall briefly in this area before making a run at the double bottom objective ~ 18.28.  I believe that resistance zone I mentioned will become a key area where bulls and bears battle it out.  Will the rally stall and resume the strong downward trend that's been in place? Or will the bulls be able to bust through and make a run at the next swing high of 19.00?  Keep in mind that Sugar tends to make a seasonal bottom this time of year.  Stay tuned.