Sugar Wave Analysis 13 January, 2021
January 13, 2021 @ 18:37 +03:00
• Sugar reversed from support area
• Likely to rise to 16.26
Sugar recently reversed up from the support area lying between the key support level 15.50 (former monthly high from November) and the 38.2% Fibonacci correction of the upward impulse (1) from last month.
The upward reversal from this support area stopped the previous medium-term ABC correction (2).
Given the strength of the predominant uptrend – Sugar is likely to rise further toward the next resistance level 16.26 (top of the previous impulse wave (1) from the start of January).