Unlike most stocks and indices, Sugar commodity did not resurrect itself from the March Low but rather in the month of May this year.
It is now displaying a potential H&S pattern with the left shoulder formed and in the midst of forming the right shoulder. Also, it has reached the resistance at the weekly bearish trend line as well. Will it break out from here?
Possibly, it could continue its bullish stand and ride higher OR have a healthy correction, closing the gap at 13.05 to 13.23 level before making its move higher.
I will wait for the next opportunity to accumulate more. Meanwhile, those who followed my trade call, you may want to consider taking some profits as well.
Comment
⋅
we see a bearish engulfing candle closed last night, signalling a forthcoming bearish move.