Well price had the breakout over the downtrendline and more importantly above the two month channel top price resistance at 24.25. Price typically ran up clearing away the stops losses above resistance and is now pulling back to 'test' the breakout point. Price is still at this breakout point 'area' and has not proven or disproven the test yet and is sitting at the 24 price point. Seasonals in all time frames are choppy in January with a spike late Jan and pullback into early Feb and a rally into early March historically. But price is king and you do not want to see price come down much lower into the old channel and stay there. The key now is for price to come back up soon and smartly from this price area to confirm the breakout point is now support and its rally time ahead. All 3 major moving averages are converging into a tight band which tends to create explosive price ahead. Like the test of support this convergence doesn't suggest direction just the likelihood of a sharp move ahead. But the price pattern on Sugar with the breakout and pullback to the breakout point is a bullish pattern. Regardless I definitely would not short this pattern. There is still support and the bottom of the channel at 22.80. Only a break below this channel bottom would suggest a short position.