The buying spree at 17/05 NY open didn't make the market move very much. Instead, it creates volatility in the Sugar market. Therefore, I believe the Bulls are just not there to defend the market and a breakout should occur soon.
Trailing Stops should be used when the price hits 16.62.
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I have attempted to scale both of these commodities appropriately to fit the chart. The price action correlation between the two commodities is undeniable. Sugar's overnight jump could present opportunity to silver as well. #inflation
Sugar is confidently surging for now into this thin zone toward 20. Consumer inflation will be felt when food prices are soon passed on, similarly with Oil and other commodities. Broad implications economically but when will the true inflationary pressures be communicated?
See my cursive inflationary pressure roadmap for the next 5 years attached. Peace
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SUGAR is approaching strong resistance in blue from Weekly (0.17-0.18) so we will be looking for sell setups on lower timeframes.
on H1: SUGAR formed a channel in red but it is not ready to go yet. We want the sellers to prove that they are taking over by breaking below...