Kumowizard
Long

Sugar - Bearish with no lower low? We may see a pull back again.

ICEUSA:SB1!   Sugar #11
54 1 1
Weekly:
- Bearish trend and bearish Ichimoku setup, but both Tenkan and Kijun has become flat, and price is a lot below Kijun Sen. The 26 weeks average may attract price back. Bearish supports are at: 14,00 and 15,00+ ( trendline and Kumo top)
- Heikin Ashi candle last week was still bearish , but it had an inside body compared to prev. candle, and no lower low! This week has just started, buz from this pattern there is increasing chance we see further drop in the bearish bias short term and that price will shoot up this week. haDelta crosses above SMA3 but they are still below zero line.

Daily:
- Ichimoku setup is still bearish , but we have a lot of important changes in averages! First of all, future Kumo's Senkou B line (orange - 26 days average ) is massively down now to 12,70. This level will be very important, as Kijun Sen (9 days average ) has exactly the same value! Both lines are flat. Please not that the Kumo ahead has become really thin (means weaker supp/res above Price, it would be easier to break through than in case of a thick Kumo)
- Heikin Ashi pattern shows some undecision and serious fight between bulls and bears. Last week we saw some sudden buying, but some selling interest blocked the move, so Price could not break above Tenkan Sen. Then we had few red candles, but finally bears could not print a lower low below 11,89. Did someone start bigger size short covering? What is very interesting is haDelta/SMA3. The quantification tool could not drop despite bearish bias in last three days. The indicator is trying to turn up right below zero line! This means basically that despite someone desperately wanted to see prices a lot lower, by the end of each last three days largeer size buying came to market before closing hours, so the bearish candle bodies could not form larger relative to each other.
Today candle can be decisive! If it closes green and crosses Tenkan Sen, we'll see short covering rally upto minimum 12,70.

What would happen at 12,70 make it or break it level we don't know, but please note, that the Weekly Tenkan Sen is there too. Who knows, maybe mkt is so much short on sugar             , that if short squeeze startes, it would move easily above 12,70. You see on the charts, how agressively sugar             can move when positionning changes.
Kumowizard PRO
2 years ago
Fade. Position stopped at 11,83. Bearish momentum resumes.
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