Sugar Wave Analysis – 17 February, 2020
February 17, 2020 @ 17:51 +03:00
- Sugar reversed from resistance area
- Likely to fall to 15.00
Sugar previously reversed down sharply from the resistance area lying between the multi-year resistance level 15.50 (which stopped the price at the end of 2017), upper weekly Bollinger Band and the 38,2% Fibonacci retracement of the previous weekly downward impulse from July of 2016.
The downward reversal from this from the resistance area stopped the previous impulse waves 3 and (C).
Given the strength of the aforementioned resistance area – Sugar is likely to correct down further toward the next support level 15.00.