After a long long downtrend in a clear channel, Sugar made an inverted wok-like pattern. It has retraced to a level that was present in the SSB of autumn 2015. This important level has been tested during the 3 last days and consolidation may continue during a few days before we see the price moving a bit.
If it manages to stay above the support, it could head to the Tenkan/Kijun couple, with the cloud in sight. Otherwise, the price could dive to the Kijun level of mid-September 2015. Note that price closed today at the Kijun level of October 2015 again, giving some weight to the importance of this consolidation.
An escape in either side could open opportunities for trades with a probable strong momentum.
If it manages to stay above the support, it could head to the Tenkan/Kijun couple, with the cloud in sight. Otherwise, the price could dive to the Kijun level of mid-September 2015. Note that price closed today at the Kijun level of October 2015 again, giving some weight to the importance of this consolidation.
An escape in either side could open opportunities for trades with a probable strong momentum.