We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of May Sugar (SF.K13.E).
I hope you are having a GREAT week !
This week let's take a look at May Sugar.
Sugar looks to be making a Head and Shoulder base and a breakout to the upside would be bullish.
A Head and Shoulders pattern isn't a completed pattern until there is a neckline breakout.
Waiting for the neckline breakout helps to confirm the pattern is good and will keep us from buying into what looks like a Head and Shoulders base, but then fails.
The weekly MarketClub Trade Triangle is pointing up which is bullish.
If Sugar trades higher and makes a strong move through the neckline, that puts the odds with higher prices, making this a great Chart to Watch as big bull move is possibly on the way for Sugar!