Kumowizard

Sugar - The bitter one. Correction should happen from oversold

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.

Weekly:
- 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.

Daily:
- 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.

snapshot


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!
Reply
Kumowizard PRO IvanLabrie
2 years ago
Yes, the major trend remains bearish until its below 16,00.
+1 Reply
PD
2 years ago
Sugar


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.

Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out