March ICE (SBAH0) Sugar:
SBAH0 is trending higher, within a rising channel. However, we note signs of a fatigued rally. Caution is warranted, but as long as SBAH0 remains above the lower channel line (28.69 on 02/02 and 28.83 on 02/03) the uptrend will remain intact.
Invalidation: A close 0.50 below the lower channel line would signal a decline towards 28.00, then 27.32 and 27.00.
March LIFFE (QWH0) Sugar:
QWH0 presents a dangerously heavy picture. Concurrently, the inverse flattened at the front of the curve.
The QWH0 price chart itself is starting to look like a developing complex head and shoulders top. Remaining under QWH0 will keep this scenario alive and a close below 721 will signal a decline towards 675.
On the other hand, a trade above 750 will point to another attempt to challenge 767 and make a new recent high.
