Sugar Wave Analysis 3 December, 2020
December 03, 2020 @ 18:18 +03:00
• Sugar reversed from support zone
• Likely to rise to 15.50
Sugar earlier reversed up with two daily Doji from the support zone set between the pivotal support level 14.50 (which has been reversing the price from October), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from September.
The upward reversal from this support zone stopped the earlier minor impulse wave 3.
Given the strong daily uptrend – Sugar is expected to rise further toward the next resistance level 15.50 (which reversed the price sharply in the middle of November).