SBN11 – July Sugar (Last:27.48)

July Sugar (SBN11) price chart with targetsA powerful rally has punched through minor, sundry Hidden Pivots and now bids fair to reach 28.400 over the near term (see inset).  A close above that number would augur 35.66.  The midpoint of the lesser pattern’s C-D leg is 26.495, and because it will now tend to act as support, that’s where Pivoteeers should look for an entry spot if the opportunity arises.  Globally, so much sugar acreage has been replanted with other crops that it’s possible the bull market begun in 2008 is just getting warmed up.