Sugar has been trading within a 1M Channel Down for almost 1 full year (RSI = 40.519, MACD = -0.770, Highs/Lows = -0.1543). It is close to pricing a Lower Low, turning the current levels into a buy opportunity. Our Target Zone is 11.65 - 11.90.
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Yes, it might be early, and yes sugar might go down a little bit more, but I think an uptrend is at hand.
1. There's a strong seasonal uptrend September, October
2. Commercials got a big long position, 105.904 contracts, which is actually 93,91% relative for the past 6 months.
3. Open Interest is mainly driven by Commercials (988.550 total contracts), Large...
Taking a long sugar trade. Grains, in general, are well bid and DBA is another class you should look into. The fundamentals are backing up the technicals here. Key reasons for this trade:
1. Chikou is above price on daily.
2. Daily Kumo and kijun provided support on price pullback and today was a sharp reversal day.
3. Weekly macd is crossing up and Price...
Wyckoff accumulation appears to have finished. Coiling up just above resistance and would put it late in phase D. Phase E should begin soon! Also, there's bullish divergence on the monthly chart (not shown) too. Buy and hold this one for a while guys :)
Sugar Buy Idea @ Daily Demand Zone (11.17 - 10.46)
Buy Limit: 11.19
Stop Loss: 10.43
Take Profit: 12.91
Risk Management = 0.01/$100
Recommended Leverage not to exceed 1:50
Recommended Risk Ratio 1:1.5 – 1:3
Close partially the contract once it reaches 50% of profit, Move stop loss over the entry level
Close partially the contract once it reaches 80% of the profit