Market Snapshots

Sugar Wave Analysis – 1 May, 2020

Sugar Wave Analysis – 1 May, 2020
  • Sugar broke resistance area
  • Likely to rise to 10.80

Sugar recently broke through the resistance area lying between the resistance level 10.35 (which reversed the price multiple times in April) and the 50% Fibonacci retracement of the sharp impulse wave 1 from March.

The breakout of this resistance area accelerated the active short-term corrective wave 2 from the end of April.

Sugar is expected to rise further toward the next resistance level 10.80 (monthly high from April and the target for the completion of wave 2).

Article Rating