Sugar - long term opportunities

ICEUSA:SBK2016   Sugar #11
64 0 2
Good news is that sugar             doesn't care much about FOMC, Draghi, oil             or SPX500             . After having escaped from a downtrend channel , it broke the top of the inverted U-shaped pattern at around 15.10 and is now rocketing towards upper historical levels that we find out by looking at flat SSBs on the (pink) cloud. One may want to wait for some retracement towards Fibo 0.236 before entering a long trade that would span over several weeks, even months for longest swings. Ichimoku indicates we are entering in a bullish phase with a bullish cloud under construction on the right. Stop losses given by Fibo, 50% being the Kijun.

Pay attention to the RSI , we are entering in an area where the price often retraced a bit, looks like 70 is closely followed and is a reliable level. Depending upon the risk, we could either wait for the RSI to bounce on level 60 and then enter, or enter on a price bounce on support 15.10.
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