For September 13, 2021
SB (Sugar nearby active contract): Last week`s close was bearish. The longer NBC-Point is 18.02, 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 19.22, which means the short-term trend downgraded to neutral. A weekly close back above this will change the trend back to bullish.
The bull-bear fight zone for the coming week is at 19.23. This is an important level for deciding who is in control for the week.
Weekly Support is 18.28-18.70. A weekly close below this range is bearish.
Weekly Resistance is 19.31-19.73. A weekly close above this range is bullish.
Cycle: This starts the 12th week of a new 20 Weeks +/- 5 weeks primary cycle off the 16.19 low of Jan 26, 2021. The last week`s report mentioned, “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”. As expected, Sugar fell and closed at the higher range of the expected price target 18.74-18.25. A half-primary cycle low is due anytime by September 17, if it is already not in. It has closed at an important cycle deciding moving average line, which is 18.80. The technical indicators are in the oversold zone on the daily chart.
A close below 18.80 and bounced back again above that green line mentioned, in the chart, will confirm that low is in and prices will rally again. There are multiple supports at 18.45-18.34-18.25 (look in the chart).
Click below to read the previous episode
Sugar Time Cycles – Weekly : Sept, 6 2021
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