The CANE (sugar ETN) active swing trade still looks very compelling as a potential bottoming play as $SUGAR (sugar futures – continuous contract) has fallen to the 0.10 support level with strong bullish divergences building on the momentum indicators on the daily time frame.
$SUGAR daily Aug 21st
Zooming down to the 60-minute chart of /SB (sugar futures), it appears that a break above this bullish falling wedge, also confirmed with positive divergences, could spark a rally up to the 10.77 level & quite likely well beyond that.
SB 60-min Aug 21st
The trade parameters, including price targets & the suggested stop, can be viewed in the August 9th post by clicking on the “CANE” tag located below this post or via the main menu (Trade Ideas>Active Trades (or Trade Setups)>Active Trade- Long (or Long Setups). Updated daily chart of CANE below.
CANE daily Aug 21st