Sugar was able to finish out the week with a strong close @ 18.87, which was above the 50 WMA. This was the first close above the moving average in over a year. The high of the day was 18.95, one tick above resistance zone #5, and closed inside the 18.71 to 18.94 zone. I wouldn't be surprised to see a pullback from these levels and the recent upside move is a bit overbought. Let's see if resistance zone #5 causes some weakness this week or if the recent bullish action is to much to contain it.
Finally, recapping my original Sugar post from early September:
* we have met the first 2 of 3 short term objectives with only the 19.38 level remaining
* we are still looking for a long term objective of around 20.25-20.75
I will follow up at the end of this week to show how Sugar at it's current resistance zone and then take some time off from this market. I will give more updates if it approaches it's long term target area.
No comments:
Post a Comment