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I was pondering sugar as a potential short, maybe not tomorrow but soon
(watch what happens now that I'm on the record!). But then I fired up
the old fib tool and well, have a look at the GIF. Looks like the 536+
level is a classic case of resistance turned into support. Back in May
536 was a tough hurdle to take, while over the last 6-7 trading days
roughly the same level is where somebody's just as adamant about buying
it.
Maybe a short at this point would have limited potential. Last weekend,
everybody did their homework and came to the conclusion "Yup, it's
turning down again." There must have been all sorts of sell orders
waiting on Monday morning to drive price down like that. But then
somebody stepped in and really bought in no uncertain terms (and at a
nice price too).
Am I on the right track?
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