Sugar Forms 1-2-3 Bottom Formation Off Multiyear Low

Sugar Futures hit a multiyear low (see Weekly Sugar chart below) of 15.86 on 12/18/2013 and quickly formed a 1-2-3 bottom formation over the next several days of trading as can be seen on the Daily Sugar #11 (March 2014) chart below.

We are going to go long Sugar  when prices break above the #2 point of 16.48 which can happen as soon as tomorrow.  The 50% Retracement level is 18.01 based on the Daily chart below and could go to 19.93 based on the Weekly chart, giving us plenty of upside profit potential.

Daily Sugar #11 - March 2014Weekly Sugar #11

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