SB (Sugar nearby active contract): Last week`s close was neutral. The longer NBC-Point is 18.52, which means the long-term trend remains bullish. This is in an uptrend since April 30, 2021. A weekly close below longer NBC-Point will change the trend to neutral from bullish. The shorter NBC-Point is 19.58, which means the short-term trend has changed to bullish. A weekly close below this will change the trend to neutral from bullish. The bull-bear fight zone for the coming week is at 20.07. This is an important level for deciding who is in control for the week.
Weekly Support is 19.80-19.93-19.13. A weekly close below this range is bearish.
Weekly Resistance is 20.52-20.65. A weekly close above this range is bullish.
Cycle: This starts the 2nd week of a new 20 Weeks +/- 5 weeks primary cycle off the 18.49
low of September 28, 2021. The last week`s report mentioned, “It hit the exact price target for the cycle low for the expiring contract and rallied. This is a new cycle and the first phase of any cycle is always very bullish, which means prices may rally for 2-5 weeks or more for the first phase sub cycle crest. Sugar crossed the earlier high of 20.31 from the previous cycle. It closed at the important weekly trend change point, which is 20.11. The technical indicators are in the neutral zone, which means the price may turn in any direction in the coming week. The bigger cycle turning point is 19.29. Sugar has the potential to rally up to October 10-11”. Sugar closed near the important price line (green line in the chart), which is 20.45. This is also an important and strong resistance zone but this zone is getting weaker now. This is a new cycle and the first phase of any cycle is very bullish, which means there is still more juice on the upside before a corrective decline. A move above 20.45 will take it to the 21.34-21.59 area.
Click below to read the previous episodes
Sugar Time Cycles – Weekly : Sept, 6 2021
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