Price have broken above downward trendline. Double bottom formed on WEEKLY timeframe with break above. Double bot formed on daily aswell with RSI signs for bulls having control. Will see how it goes. Good Luck
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
On the weekly I see a strong down trend and on the daily, I see support turning into resistance as well so that indicates bearish movement.
On the 4hr chart, I see price get towards that resistance line and I drew up a resistance zone from the previous high and noticed it might make a double top. I am looking to go short at that moment in time.
Entry, Stop loss...
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...
I'm short right now but if it manages to brake out of trend in either of the marked triangles i will go long. If it fails now there will probably be a significant dump before it rises by late february.
Sugar has some bullish bias.
- Ichimoku neutral, but price is very close to cloud top, a bullish breakout could easily happen. Supports: 0,1217 and 0,1157.
- A close above 0,1315 would confirm both a bullish Kumo breakout and a major double bottom. In this case space would open to 0,18 target (appr. +40 % upside)
- Buy signal after price touched...