Sugar - The bitter one. Correction should happen from oversold

ICEUSA:SBK2015   None
60 3 1
First of all I have to admit, the counter long Sugar             idea was my worst call this year. However I am thinking about the possibility of correction again.

- Bearish trend , bearish ichimoku setup.
- Watch Heikin Ashi candle this week. If there won't be a lower low, the candle may have a small inside body, or can turn into a long wicked doji as well. haDelta/SMA3 cross gave early signal of a possible correction or pause in trend.

- Sharp price drop after the Kumo retest, however Price seems a bit oversold short term.
- Watch Heikin Ashi candle change today! haDelta/SMA3 has a bullish divergence , and already a positive cross. The question is if the indicators can climb back above zero line? If Price breaks above Tenkan Sen, that will be a short term buy signal too.
- In case the correction finally starts, the pull back tgt             can be 14,00 +/- area.

I would favour the possibility of a short term bounce. The fundamentals look absolutely devastating for the trend to change on a medium to long basis. Thailand oversupply, Brazil real and Indian sugar subsidy - all negative. Only hope for a sustained long rally is the record short position of funds.


I see 3 possible support levels that can hold, but I also see bearish price action pointing to trend continuation.
The current sideways range could be the start of a correction but I wouldn't want to catch a falling knife here.
Good luck!
Kumowizard PRO IvanLabrie
Yes, the major trend remains bearish until its below 16,00.
+1 Reply
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