Interesting Bottoming Action Happening in Sugar ETF (SGG)

Seeing some classic price bottoming action in the Sugar ETF SGG this morning and at the end of last week... the price spike is making me like the technicals here even more... Does anyone have a fundamental argument for me to go a long with it... I'd say the breakout pivot is around $48 souelle

maybe -

http://snalaska.net/...t/charts/SB.png

Seeing some classic price bottoming action in the Sugar ETF SGG this morning and at the end of last week... the price spike is making me like the technicals here even more... Does anyone have a fundamental argument for me to go a long with it... I'd say the breakout pivot is around $48

souelle

Hi,souelle!
thanks for pointing out SGG.i bought some just now 48.11. this pattern is a winner i have made money on it consistently over many years.

the spike down on heavy vol= a washout after a big decline.
the rounding bottom on lower vol= no more sellers.
up she goes! dont think i seen one fail in years,i have never been able to come up with any projections,but most go quite a ways.
biggest problem is ,this pattern does not appear anywhere very often. but its a moneymaker.

anyway ,1st target $ 51.90. Thanks again,
pisces.

pisces... No problem... I've been trying to post at least some of the things on the board that pique my interest recently Yes I have a lot of faith in a pattern like this as well... It's too bad there are no options on SGG this would be a great play I would likely set a 47 equity stop if I took a position Good luck on the position, it's low risk anyways :-) souelle

pisces... No problem... I've been trying to post at least some of the things on the board that pique my interest recently

Yes I have a lot of faith in a pattern like this as well... It's too bad there are no options on SGG this would be a great play

I would likely set a 47 equity stop if I took a position

Good luck on the position, it's low risk anyways :-)

souelle

Is volume even valid with an ETN? A reflection of retail sentiment?

Looks like a ST bottom, but still to go lower. Looking for a IT bottom in June time frame. Expecting OI and VOL to decline further. Note, I only do IT trades on commodities.