Kumowizard
Long

Sugar - Interesting Price action. Failed to resume bearish?

ICEUSA:SB1!   Sugar #11
60 0 0
The original trade idea to play the correction with a swing long proved to be good. What's more, the Price exactly reached the 13,15-13,50 target area. Frankly speaking I missed the last 40 points move, as I got out all of my longs at 13,10 avg on 16/April, after looking at the candle and haDelta on 15/April I assumed the pull back was coming to its end.
From 20/April heavy selling started again, and it looked like the bearish trend may resume again. However I had some doubts too, as the Tenkan/Kijun setup was weak bullish , so I was thinking what if Kijun Sen acts as resistnace and stops the bears? That's what really happened. Price moved a bit below Kijun Sen, but on 22/April we had an inside Heikin Ashi candle body with no lower low compared to previous day's, and haDelta/SMA3 early weak bullish signal too. The confirmation arrived yesterday, buyers seem to start ruling this mkt again.

Now we have 13,50-14,00 area in focus again! 13,50+ is really important as there we have Senkou B. Above that 14,10 is next supp/res where we have weekly Kijun Sen, and the ultimate make it or break it level is 15,00, at major weekly downtrend line weekly Senkou B (future Kumo top)

My view now is that we will see more pull back towards 14,00 or maybe even higher. Then later we can see another dip, where the question will be if bears can make a lower low on the weekly or not? Anyway, it can take few more months before we could see a strategic bullish reversal in Sugar             .

Strategy: Buy on dips for 14,00 tgt             , place stops below 12,49! Trade in maximum 1 Unit size, as the major trend on weekly is still bearish .
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