For October 4, 2021
SB (Sugar nearby active contract): Last week`s close was bullish. The longer NBC-Point is 18.34, 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 19.48, which means the short-term trend remains neutral. A
weekly close above this will change the trend to bullish.
The bull-bear fight zone for the coming week is at 19.54. This is an important level for deciding who is in control for the week.
Weekly Support is 18.72-19.13. A weekly close below this range is bearish.
Weekly Resistance is 20.58-20.99. A weekly close above this range is bullish.
Cycle: This starts the 1st 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, “As expected, the sugar found support into the multiple support zone and bounced back. Usually, a market rallies for 3-13 days from such lows. Sugar also rallied sharply from that low and witnessed selling pressure. The technical indicators are suggesting another sell-off. A move below 19.02 will be the confirmation that prices will go further lower. Keep in mind the multiple support zones from 18.45-18.25. Below that sharp drop is expected towards 17.09-17.77. Sugar rallied for 5 days on expected lines and
again started the sell-off. A primary cycle low is due in the next 1-6 weeks. The price target for the cycle low is 18.25 +/- 0.25”. 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.
Strategy: The last report mentioned, “Wait for long re-entry as mentioned in the report above.Follow the daily reports”. We hit the exact price target for the long entry.
Click below to read the previous episodes
Sugar Time Cycles – Weekly : Sept, 6 2021
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