The commodities bull market has continues roaring back to life after a tepid start to 2011, with precious metals and energy now pushing towards record high territory to meet the pace set earlier by the agricultural markets. Sugar futures led the initial run-up in the tropical exports, and appear to be regaining speculative momentum as he rest of the complex pushes to higher prices.
Sugar's strong showing in the last few trading sessions has initiated a major technical breakout from a long developing Falling Wedge chart pattern, shown here on the 240-minute time interval. This Falling Wedge scores high markets in regards to overall Quality, Initial Trend, Uniformity, and Clarity, as indicated by the Autochartist platform.
The breakout as well shows strong signs of potential for continued momentum to the upside. After a minor pullback towards the wedge's upper resistance level, the market gained solid footing and appears on track to test the forecast range. This projects the price of nearby Sugar futures to reach a minimum of 33.63 cents per pound, with a higher push to 36.88 possible as well.
For further information on this and other Autochartist products, visit our website at www.autochartist.com