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I've got Sugar at a crossroad with a possible double bottom and closing in
on a break of the down trendline on the weekly chart. This break occurs
around 621 which should provide major resistance. The trendline has already
been penetrated on a momentum indicator - just waiting for confirmation with
the price break. On the not so rosy side, I've got bearish divergences on
two daily momentum indicators and a just not so exiciting upward rise
momentum wise. I am preparing for three scenarios:
1) Big positive push up to and thru 621 which signals a confirmation of a
trend reversal in my mind - needs to happen in the next couple of days
2) Consolidation as prices trade around the trend line - will take my
profits and sit on the sidelines
3) Change in thinking with a close below 556
I am tightening my stops and am watching intraday prices a lot closer than I
usually do.
Jack
PS: Ditto Jerry's PS
---- Original Message -----
From: <Jdonato98@xxxxxxx>
To: <realtraders@xxxxxxxxxxxx>
Sent: Thursday, July 29, 1999 10:57 AM
Subject: Sugar Update
> Looks as though Sugar has followed the charts we discussed here last week.
> Sugar closed higher yesterday, filling the overhead gaps.
> Our buy target was a break over the 580 level, which is what happened as
buy
> stops were hit as prices surged through the 590 level, eventually closing
> over the pshchological level of 600.
> I see prices continueing to the upside near term as the market looks to
fill
> tin the gapsbetween 605 and 611.
> Next level of resistance may be 611 to 634 , support at 560.
> Good trading .
>
> All the Best,
> Jerry Donato
>
> P.S.
> This is NOT a a trade reccomendation, only my personal opinion from my own
> analisys and charts.
>
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