Sugar recently broke above resistance area lying between multi-month resistance level 12.800 (which has been reversing the price from March) and the 61,8% Fibonacci correction of the previous weekly downward impulse from last year.
The breakout of the resistance area continues the impulse wave C of the ABC correction (2) from September.
Sugar is expected to rise further toward the next resistance level 13.40 (multi-month high from February).
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