28-Year High Makes Sugar Sweet

08/13/2009 2:55 pm EST


Thomas Aspray

, Professional Trader & Analyst

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The sugar market has rallied dramatically this year from a low of around 12 to a high just below 23. We noted the bullish OBV action in April, which favored an upward resolution (see Commodity Technician—April 2009), and the volume action is still very strong. The potential shortage in India is also leading to the buying frenzy, which is a trend that could continue.

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