Sugar11 recent price history shows a price decline started in Oct2016 for a period of approx 9 months followed by a 9 months consolidation and possible price bottoming action in the 15.50-13.00 USD price range. Commercial traders have extremely long net positions and Funds might be interested to buy at these levels. Look for buoying opportunities. Probability H. Final confirmation of the change of the trend will be the a close above 15.50.
See what I said about the possibility of another leg down. Bitter sweet affair though. Was right but didnt make a cent from it. lol
LEONES
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@Olu, still holding the 13.00 but I agree likely to move lower now
Olu
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I still have an open idea that sugar still has one leg lower to come but seeing the corn chart and the struggle price is having breaking to the downside I am having to strongly consider the upside
Olu
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This chart pattern is the similar to that of corn. Corn broke to the upside.
LEONES
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@Olu, yes I agree, in the softs cocoa is the first, I think sugar and coffee will follow soon