SB1! trade ideas
SB1! (SUGAR) BULLISHSB1! (SUGAR) is bullish. We are going for the Intermediate 5th of Primary C of the cycle be. For now, the target area is roughly $23.43 to $$24.80 which is 50% and 61.8% of fibo. This is the commodity market and in a commodity market, the 5th wave can be extended. For now invalidation level is $17.60 which is the 4th wave for now.
DISCLOSURE - Please be informed that the information I provide is not a trading recommendation or investment advice. All of my work is for educational purposes only. All labeling and wave count have been done by me manually and I will keep changing according to the LIVE MARKET PRICE ACTION. So don't bias, hope on my trade plans. Try to learn Elliott Wave or other strategies and make your own strategy. Following is not that much easy. I am not responsible for any losses if u took the trade according to my trade plans.
#SB1! #SUGAR
Sugardirect entry with 0.33% on January 6th, which went to sleep on January 19th
now we await a possible bearish breakout confirmation figure
could it be a pennant?
SUGAR MARKET ANALYSEIts a small postion on the sugar market its clear vision of buyers volume entrance
Sugar : BullishSugar futures reacted off to a bullish rejection block on Weekly, creating a breaker+ on Daily. It'll be interesting to see how this plays out in next few weeks. Target is the liquidity up top of the range.
BEARISH ON THE US SUGARBearish clues:
- Triangle , breakdown with a strong bearish candlestick.
- Below the neutrality zone on the Relative Strength Index (RSI < 50).
- Breakdown of the 100 Exponential Moving Average , which was a good support.
- Breakdown of the Modified Pitchfork.
Fundamental news: (from Reuters)
- The supply minister of Egypt released on November 29, 2021 that " sugar reserves were sufficient for 3.5 months ".
- Looking further ahead, Rabobank expects raw sugar to average 20.80 cents in the third quarter of next year as the sugar market records a deficit of 2.3 million tonnes by the end of the 2021/22 season , following a deficit of 1.2 million tonnes in the 2020/21 season.
- Rabobank said ethanol prices will remain elevated on the back of strong global energy prices, tempting cane mills in top producer Brazil to produce more of the biofuel at the expense of sugar.
Objective:
My objective is the Fibonacci retracement level of 50%, at $17.69. Next objective is $16.98: support zone + Fibonacci retracement level of 38.2% + range of the Modified Pitchfork
ALWAYS WAIT FOR THE CLOSE OF THE CURRENT CANDLESTICK
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Sugar Is silver was edible, it would be sugar! Check out the breakout for the 7 year rate of change.
Sugar (Sugar No. 11 - May 2022) set to continue the trendI firmly believe raw sugar futures are set to continue their upward trend seen for months now. While they have consolidated for a time and recently dipped below temporary support, which could be mistaken for a trend breakout, I believe we are simply seeing a sell-off as a reaction to the futures having floated highly above the trendline for a long time. As pointed out on the chart, the recent sell-off is of a magnitude similar to earlier sell-offs, and furthermore, we are resting firmly on the trendline. However, the risk of a trend breakout is significant and I recommend a tight SL at 18.45. On the other hand, should my hypothesis prove right, enjoy the ride and take profits at your own discretion.
Buy sugar higher 20.37$Good opportunity to buy sugar.On the picture I wrote why we should buy instrument above level 20.37$ .If you have some questions about this or another instruments you are always welcome to ask me.
sugar going up by!!hy my dears sugar is going up with an important volume of buyers and a spring box that means that they are no more sellers and the turn now for buyers
dont pay attention to the stop loss an take profit the position will be closed manually.
Sugar's OBV momentum breakout lineSugar has ALREADY BROKEN OUT ON WEEKLY CHART! Expecting a huge spike soon
Sugar Futures and related news.Lets take a look at Sugar Futures and related news. Read for educational content that can benefits us with profitable trades and in time reaction to any market trend direction changes.
SHORT LOW RISKSugar looks exhausted, reached to major resistance at FIB 0.786 and Forming divergence rsi .
Now I expect for pull back
TP1 - FIB 0.382, EMA 20
TP2 - EMA 50
SL- 18.03
Sugar could be ready for a fall finallyMACD almost crossing short
Price way above pivot levels this week so far
Price getting pressure from PSAR
Waiting for price to cross 90 HMA then ride it down
Sugar - SHORT; SELL it here!Sugar will have an awful hard time to go any higher here, climbing into multi-year major resistance. A sustained decline should take Sugar substantially lower into year's end.
Ample grain and bio-fuel stocks are also a prelude to an over-supply imbalance. (Not to mention substantially lower crude oil prices on the horizon.) This is a low-risk spot to initiate a long term SHORT .
Is it a good time to sell some SugarThe buying spree at 17/05 NY open didn't make the market move very much. Instead, it creates volatility in the Sugar market. Therefore, I believe the Bulls are just not there to defend the market and a breakout should occur soon.
Trailing Stops should be used when the price hits 16.62.
Sugar Re-Entry LongTarget a full 1:1 extension of prior correction was hit, next target 1.618 extension at 18.4$
