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How Sweet Will The Sugar Rally Be? Ilan Levy-Mayer |
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 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 will see that we are trading right against recent highs and I got a sell signal in the shape of my red diamond. However, I don’t have a crystal ball, hence I will look on the daily chart for a similar clue before trying to go against the trend and go short.
Read the full article along with my chart set up at:
https://www.equities.com/news/how-sweet-will-the-sugar-rally-be
