Tuesday, September 24, 2013

Sugar

Monday's price action brought 1st area downside support and 1st area upside resistance into play:
* 1st area support is at the rising window (gap), the MR1, and the 10 DMA: 17.51-17.54
* 1st area resistance continues to be the current resistance, which is the 20 WMA and 100 DMA
The low of the day was 17.52, then rallied and closed on its highs of the day @ 17.81.  This was above the 1st area resistance.

Today's price action brought 2nd level upside resistance into play:
* 2nd area resistance is the 361 fib projection from the dominant ABCD pattern: 17.96.
The high of the day was 17.96, with a close near its highs @ 17.93.

Price action is continuing to be bullish and looks poised to test the next upside resistance levels:
* 3rd area is the MR2: 18.14
* 4th area is around the sym tri objective and the 461 fib projection: 18.27-18.30


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