Newbie question here, maybe not specifically related to Sugar....
But I am watch sugar at the moment and the price action is quite interesting. Spike up to the high and now it is stuck in about an 8 tick range for the past hour. a few big sell orders right on the high tick, just sitting there happy to get picked at slowly by the bidders. price comes back down a bit but zero follow through from the sellers.
My question is, is this usually a more bearish signal, Buy side dont seem interested in following through and will soon give up bringing the price crashing down, or a more bullish signal. Sell side just trying to protect the high and the lack of confidence from the sell side to come in and sell it back down meaning its just a matter of time before the buyers eventually break through.
Or is this a too close to call, need to wait for a break either way....
Anyone else trading sugar at these levels, or watching it who might have a comment?
But I am watch sugar at the moment and the price action is quite interesting. Spike up to the high and now it is stuck in about an 8 tick range for the past hour. a few big sell orders right on the high tick, just sitting there happy to get picked at slowly by the bidders. price comes back down a bit but zero follow through from the sellers.
My question is, is this usually a more bearish signal, Buy side dont seem interested in following through and will soon give up bringing the price crashing down, or a more bullish signal. Sell side just trying to protect the high and the lack of confidence from the sell side to come in and sell it back down meaning its just a matter of time before the buyers eventually break through.
Or is this a too close to call, need to wait for a break either way....
Anyone else trading sugar at these levels, or watching it who might have a comment?
