Category: Commodities
Sugar and Orange Juice: Two Markets To Focus On
Markets rarely travel in a straight line.
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| By Vadim Pokhlebkin |
Published: Wed, 30 Apr 2008 17:00:00 ET |
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On Monday, April 21, Elliott Wave International's Senior Commodity Analyst Jeffrey Kennedy posted this graphic forecast for Sugar prices in his Daily Futures Junctures (some labels have been erased for this publication):
Today (April 30), Jeffrey updates his Sugar forecast. "Of course, it's nice that prices are falling since we're looking down," writes Jeffrey. "However, markets rarely travel in a straight line. So, within wave (1), where exactly are we?"
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Jeffrey answers this question in detail in his April 30 Daily Futures Junctures: "Considering timing, internal wave divisions and the fact that we have Fibonacci and structural support at 11.79 - 11.60," Jeffrey thinks Sugar may be offering a distinct opportunity over the next few days.
Moving on Orange Juice futures, Jeffrey writes that,
"The advance in Orange Juice from 109.50 to 125.95 developed in a clearly corrective manner: The move was slow and contained numerous overlapping waves. Moreover, this corrective rally was contained by parallel lines and terminated just above Fibonacci resistance at 123.05 - 124.75."
All that, just like similar developments in Sugar charts, hints strongly that OJ may also be on a verge of a potential opportunity. Find out more in the April 30 Daily Futures Junctures; online now, yours risk-free for 30 days.