Sugar

Thursday saw a strong close, after it's gap up open, closing at its highs.  Friday's action saw higher prices on selling with a close just at the 20 WMA and 100 DMA.  This area once again served as resistance with prices closing in the area for the 2nd consecutive week.

Downside support:
* 1st area is at the rising window (gap), the MR1, and the 10 DMA: 17.51-17.54
* 2nd area is at the recent swing low (doji candle) and the 20 & 50 DMA: 17.35-17.43
If we take both of these levels out, then the recent bullish action turns neutral to bearish.

Upside resistance:
* 1st area continues to be the current resistance, which is the 20 WMA and 100 DMA
* 2nd area is the 361 fib projection from the dominant ABCD pattern: 17.96
* 3rd area is the MR2: 18.14
* 4th area is around the sym tri objective and the 461 fib projection: 18.27-18.30
We'd like to see some of these areas taken out in the next 2 weeks to keep the recent bounce intact.  The big picture pattern based off the weekly chart implies a potential bounce to 20.50 and possibly higher.  We have some major upside resistance to deal with, but it's very possible we're on our way to higher prices.