Sugar Wave Analysis – 24 September, 2019

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  • Sugar broke resistance area
  • Likely to rise to 11.65

Sugar recently broke through the resistance area lying between the resistance level 11.250 (former strong support from August), resistance trendline of the daily down channel from June and the 61.8% Fibonacci correction of the pervious impulse wave (i).

The breakout of this resistance area accelerated the active short-term impulse wave (c).

Sugar is expected to rise further and retest the next resistance level 11.65 (top of wave (ii) from August and the target for the completion of the active impulse wave (c))

 

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