Sugar has a buy signal on my daily chart today. This is the second buy signal I have had since the trend changed to about 2 weeks ago. My indicators suggest that sugar still is in a longer term down trend and is just below the 50-period moving average witch is pointed down.
Sugar needs to close above $13.34 then my indicators suggest sugar can go to $14.00. The weekly chart has a bottoming formation. This recent correction probably is attributed to India considering a sugar Stock pile to support prices. This may be the place to buy I would like to see July sugar stay above $12.45 and close above $13.43 to have this uptrend continue.
1. My daily chart has 2 recent buy signals
2. M A C D almost crossed down but have stayed up (bullish)
3. Sugar has had a correction and has a fresh buy signal
4. Both daily and weekly have bottoming formations
5. Asia and Australia have had well below average rainy season that could affect sugar crop