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2. Hot Market: Suagr Rally Nearing an End?
Published on Equities.com by our VP, Ilan Levy-Mayer Equities.com
Click on image below to enlarge
The sugar market has made a significant upside move over the past few days and weeks. Weather concerns for part of the growing areas in Asia, as well as strength in the Brazilian Real contributed to this rally.
From a technical point of view, I feel this market is overbought and over-extended, but when fundamentals take over, you can use the charts for wall decoration. That being said, I will be looking for signs of exhaustion on
the daily and weekly charts. The chart below is a monthly chart of sugar, and you’ll notice we’re trading right against recent highs; I received a sell signal in the shape of my red diamond.
But, because I don't have a crystal ball, I will look on the daily chart for a similar clue before trying to go against the trend and go short.
Disclaimer: This calendar is compiled from
sources believed to be reliable. Moore Research Center, Inc.
assumes no responsibility for any errors or omissions. It is meant
as an alert to events that may affect trading strategies and is not
necessarily complete. The release dates for certain economic
reports may have been rescheduled.
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.