Hello Traders, SUGAR/USD 0.12052 VS 0.12668.
Looking for Yellow: a Break and continuation / corrective / Consolidation Pattern at 0.12546 / 0.12668
To Continue the upside movent towards 0.13120 / 0.3372.
Or Blue: Possible Completion Consolidation /Continuation / Corrective Pattern 0.12546
to Retest / Break previous Lows once more 0.12052 / 0.12080 towards...
The price is lateralizing in this channel composed by the static support at $ 11.50 and the resistance identified by 78.6% of Fibonacci set at $ 13.15.
This raw material, in the very short term, seems intent on retesting the high area of the channel just mentioned. On the weekly time frame it closed the week above the dynamic resistance identified by the EMA20...
Sugar hit a support level and in my opinion, it is up from here. Market may retrace down a bit more or justgo up from here. Enter and exit at your own risk.
Please note that this chart is an opinion based chart only. Please trade at your own risk
I'm monitoring $SUGARUSD here for a weekly and daily long entry on retrace -if it ever comes-, otherwise paying up for it might be worth it, given how strong the chart looks. Could sharply rise from this juncture immediately after the market opens too.
The targets on chart are the weekly range targets, corresponding to a Time@Mode signal active as long as we hold...
Sugar looks to be forming a short setup due to double-top and indecision around ichimoku cloud. Short setup is not yet confirmed as market has not given a clear direction as of yet but this is one to keep a close eye on for drop to targets identified by yellow lines in chart.
HELPFUL VIDEOS TO TEACH YOU: