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TFC Commodity Trading Forum

The Sugar Rat is Bouncing off Support *PIC*

March Sugar is bouncing off its double bottom support at 22.80 and trying to clear its downtrendline from mid October. This price point was also the Fib 50% retracement point from the May to Aug rally. Note the positive divergence on the CCI 20 oscillator on the double bottom, warning of a snap back. This is where the Sugar Rat smelled the cheese AGAIN. Gotta watch out for that when short!!!!! Resistance is 24.25 as marked. This is the top of the "W" pattern. Price still must hold above 22.80 to suggest a reversal back up. Meanwhile note how price runs up to the falling 20ema and sells off again each time. Very typical of a bear trend.