Kumowizard

Sugar - Heavy selling may slow down

ICEUSA:SBK2015   None
43 0 1
The charts refer to May futures contract.

Weekly:
- Absolutely bearish trending
- No Heikin Ashi signal for possible local bottom yet. We need to check again at the end of this week if we get any early signals from haDelta

Daily:
- We have a clear bearish trend channel, Price has just touched channel bottom today ard             13,25.
- Selling pressure was really heavy from 14,50-15,00 area, Price got a bit oversold (far below Kumo and Kijun Sen)
- haDelta signals some minor positive divergence, with printing higher low and attempting to cross back above SMA3
We need to watch Heikin Ashi candle signals today and tomorrow, as there is some slowly increasing chance for a local bottom and for pull back wave (short covering) towards short term equilibrium level at 14,50 (Kijun Sen). 14,50 as previous resistance will act as bearish support this time, but who knows, maybe it will worth to go small long as a swing trade
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