Is Sugar Ready To Rally?
Benedetto DiCostanzo | Apr 07, 2015 12:09PM ET
The weekly chart has put in a Bullish Engulfing pattern. The Daily chart has a Morning Star Formation. Could this be the low for sugar? With Thursday’s bullish thrust higher, Sugar looks ready to retrace some of its losses. If It can close above the 21DMA which is at 12.72, Sugar looks poised to test resistance at 12.99 and then 13.15. MACD has crossed up from extreme levels and panic short covering could take it to the 14.00 area. Look to buy breakout above the 21 DMA for a push to the 50 DMA at 13.78.
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