DaveT said:JULY CSCE SUGAR -
Rising wedge or ascending triangle?
Either way,the objective from the breakout above 725-730 is intinally the same - 830.
Need to see above 730 though.
Sugar tumbled below the previous low of 6.74 on back of fund liquidiation (source sucden). Battle between long term longs and short shorts has begun in earnest and might provide with some more volatile weeks.
Seasonally, May 4th - May 14th is bullish producing on avg about 30cts. Nevermind that this trade has worked 15 out past 15yrs, the 1st day of this trade recommendation did not start well -24cts. Is the seasonal late to start or is cyclical liquidation just too strong?
We'll know before long. For now, I am sidelined (other than a "small" bl..d. jul-mar05 spread which has widened to -66cts and I just cannot make my self to cover - where's the discipline? )
Dave, when would you assume that the ascending triangle would have failed?