Our friends at the MarketClub have posted that they are seeing a bullish uptrend arrow for sugar coming from their Trade Triangle technology. MarketClub contributor Jim Robinson says.......
"Sugar looks to be making a Head and Shoulder base and a breakout to the upside would be bullish. A Head and Shoulders pattern isn't a completed pattern until there is a neckline breakout. Waiting for the neckline breakout helps to confirm the pattern is good and will keep us from buying into what looks like a head and shoulders base, but then fails. The weekly MarketClub Trade Triangle is pointing up which is bullish. If sugar trades higher and makes a strong move through the neckline, that puts the odds with higher prices, making this a great chart to watch as big bull move is possibly on the way for sugar"
Here is Jim's chart and technical view of the Trade Triangles for May sugar using SF.K13.E
We are long sugar using ETN ticker SGG
Click here to check out the MarketClub Trade Triangles for yourself!