DJ MARKET TALK: Charts Indicate Way For Sugar Is Down - BarCap
Published: 03/11/2010, 2:10:02 AM
DJ MARKET TALK: Charts Indicate Way For Sugar Is Down - BarCap 0209 GMT [Dow Jones] Technically, only way is down for raw sugar, says Barclays Capital; notes while prices down yet again overnight, and even though price slide overdone, "there is nothing on the daily, weekly or monthly charts that suggests the decline is complete"; adds "keep the focus lower." Overnight, world raw sugar prices skid to fresh 7-month lows as traders bailed out of positions in front of an influx of supply, and a dearth of willing buyers; May sugar settled down 3.1% at 19.69 U.S. cents a pound, well off the contract's 29-cent high little over 1 month ago. Says 2006 peak near 19.30/65 cents should allow for at least a temporary pause, upside remains countertrend, with selling pressure expected around 21 cents; on downside, 18.56 cents, 16.56 cents next major retracement levels of note. (ray.brindal@dowjones.com) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com (END) Dow Jones Newswires 03-10-10 2109ET Copyright (c) 2010 Dow Jones & Company, Inc. DJ info: 1012,1054,1085,1164,22766,22767,5014,55115,61025,62504,62506 N/DJCS,N/OSAG,N/OSCM,N/OSTR,N/AGC,N/ALMT,N/ANL,N/ASMT,N/AUMT,N/CMD,N/DJMT,N/DJW ,N/SCD,N/SGR,N/STK,N/SUM FSN54946 ACTV FINANCIAL FOOD GENERAL STOCKS SUGAR 2010-03-11 02:09:08 UTC ^^^^^^