Time for Sugar to move?

by Scott Hoffman on December 10, 2007

March sugar spent much of November basing, forming a channel between (roughly) 970 and 990, and had recently made a double top around 997. Friday was a doji bar, and with a bullish MACD crossover, things may be looking sweet for sugar (sorry about the terrible pun).

First resistance is a 50% retracement level at 1007, next objectives are the November high at 1020 then the October high of 1050.

daily sb h8 macd sb h8 12 26 9 mom sb h8 2.thumbnail Time for Sugar to move?

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