SBV11 – October Sugar (Last:27.01)

Shifting to the October contract, there are two patterns — one big, the other bigger — that on the weekly chart yield targets at 29.31 and 29.49 respectively.  Although these Hidden Pivots are likely to exert a magnetic pull on the futures, drawing them at least to that level, they are just as likely to show some stopping power that could initiate a serious correction.  Thereafter, an even bigger-picture target at 33.600 would be our minimum expectation for the bull market begun in May of 2010 from around 14 cents a pound.