Sugar recently reversed down from the resistance zone located between the key resistance level 10.70 (former multi-month support from September of 2019) and the 50% Fibonacci retracement of the earlier downward impulse from March.
The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Hammer.
Given the strength of the previous sharp downward impulse from February – Sugar is likely to fall further toward the next round support level 10.00.
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