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Raw Sugar (SB) Testing Weekly Chart Descending Wedge Resistance

Raw Sugar (ICE SB Oct17) Weekly/Daily/4hr/Hourly

Raw Sugar (SB) surged almost 3% yesterday, completing 3 days of consolidation (just above the daily chart's downchannel resistance) and resuming a 3 week plus bounce off just below 1300.  SB is firmly above downchannel resistance (on the 4hr chart) as well, and is now testing descending wedge resistance (on the weekly chart).  Due to the significant gap between this wedge's support and resistance, there's a decent chance for SB to be rejected and pushed lower towards wedge support.  Nevertheless, with weekly, daily and 4hr RSI, Stochastics and MACD rallying or bottomish, odds favour SB breaking above this wedge resistance.  I am looking to enter long in the green zone (of the daily chart), targeting the red zone for Friday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).

 


 

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