For September 6, 2021
SB (Sugar nearby active contract): Last week’s close was neutral turning bearish. The longer NBC-Point is 17.93, 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 19.14, which means the short-term trend remains 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 19.88. This is an important level for deciding who is in control for the week.
Weekly Support is 19.25-19.46. A weekly close below this range is bearish.
Weekly Resistance is 20.00-20.21. A weekly close above this range is bullish.
Cycle 1: This starts the 11th week of a new 20 Weeks +/- 5 weeks primary cycle off the 16.19 low of Jan 26, 2021. The half-primary cycle low is expected in the next 3-13 days. The price target for that low is 18.74-18.25. A move back above 19.88 will resume the uptrend. This cycle has made a high of 20.31 in the 8th week and failed to cross that high in the 9th week, which is a concern for bulls. A high of 20.31 will take prices to next level which is 21.50-24.00 zone. This is a wide range but will keep updating as the cycle develops. The technical indicators on daily charts are in the bearish zone.
Legal Disclaimer: Trading in futures/options of any asset class carries a high level of risk, where traders can lose much more than the capital infused. Past performance is no indication or guarantee of future performance. The support and resistance may represent favourable risk/reward places to buy/sell depending on the broader trend. These comments and trade recommendations are primarily for the traders/investors of futures contracts. They are provided mainly with “speculators” in mind. By its very nature, speculation means “willing to take risk of loss”. “Speculators” must be willing to accept the fact that they are going to have several losses, many more than say, “investors.” That is why they are “speculators.”
Speculators are typically right about 50% of the time, +/- 10%. The way speculators become profitable is not so much by a high percentage of winning trades, but by controlling the amount of loss on any given trade, so the average trade on winners is considerably more than the average trade on losing trades. These comments can be of value to both speculators and investors. Those who take these trades need to be willing to adjust stop-losses, and even the trade itself, as the week unfolds, and dependent upon technical factors that will arise with each day’s trading. There is no guarantee as to
future accuracy or profitability.
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