BEARISH ON US SUGAR
Bearish clues:
- Break of a double top in daily timeframe
- Break of the support of the range at 16.75 USD, which corresponds to the 50% Fibonacci retracement of the huge market movement in February, 2021 and the neckline of the daily double top
- Pulback on the support which became a resistance at 16.75 USD5
- 100 exponential moving average is breaking down
- The price reached the 20 moving average of the Bollinger Bands
- Relative Strength Index (RSI) < 50
Objective:
Sugar could decrease to the 15.85 USD level, which corresponds to the middle of the Andrews' Pitchfork and an historical oblique bullish resistance (in green), and maybe lower …
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Break of a double top in daily timeframe
- Break of the support of the range at 16.75 USD, which corresponds to the 50% Fibonacci retracement of the huge market movement in February, 2021 and the neckline of the daily double top
- Pulback on the support which became a resistance at 16.75 USD5
- 100 exponential moving average is breaking down
- The price reached the 20 moving average of the Bollinger Bands
- Relative Strength Index (RSI) < 50
Objective:
Sugar could decrease to the 15.85 USD level, which corresponds to the middle of the Andrews' Pitchfork and an historical oblique bullish resistance (in green), and maybe lower …
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.