Sugar has just broken out of a falling wedge pattern which could also be bullish flag. Nothing too complex, but I marked out where any divergences have played out coupled with the RSI > 65 signalling intermediate tops. I think sugar has anywhere from 5 to 10 percent to go up before marking another intermediate top.
For this trade, use the CANE ETF. I would suggest a stop below today's open and to just let this trade run.
For this trade, use the CANE ETF. I would suggest a stop below today's open and to just let this trade run.
Comment:
SUGARUSD is back-testing the top resistance-turned-support. This is another objective time to enter or add to your positions.
Comment:
The back-test held up and sugar prices started moving up afterwards. So far it's looking good.