Zero Hedge
All posts from Zero Hedge
Zero Hedge in Zero Hedge,

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).



Click here for today's technical analysis on Cocoa, Ethereum



Tradable Patterns was launched to demonstrate that the patterns recurring in liquid futures, spot FX and cryptocurrency markets can be analyzed to enhance trading performance. Tradable Patterns’ daily newsletter provides technical analysis on a subset of three CME/ICE/Eurex futures (commodities, equity indices, and interest rates), spot FX and cryptocurrency markets, which it considers worth monitoring for the day/week for trend reversal or continuation. For less experienced traders, tutorials and workshops are offered online and throughout Southeast Asia.