Sugar broke multi-month resistance level 13.0

• Sugar broke multi-month resistance level 13.00
• Further gains are likely

Sugar continues to rise after the earlier breakout of the multi-month resistance level 13.00 (which stopped the previous short-term corrective wave A at the start of June, as can be seen below).

The breakout of the resistance level 13.00 follows the earlier breakout of the 50% Fibonacci correction of the pervious long-term downward impulse from January – which accelerated the active impulse wave C.

Sugar is expected to rise further and re-test the next resistance level 13.74 (monthly high from March and the target price for the completion of the active wave (4)).