Sugar Wave Analysis – 1 May, 2020

• Sugar broke resistance area
• Likely to rise to 10.80

Sugar recently broke through the resistance area lying between the resistance level 10.35 (which reversed the price multiple times in April) and the 50% Fibonacci retracement of the sharp impulse wave 1 from March.

The breakout of this resistance area accelerated the active short-term corrective wave 2 from the end of April.

Sugar is expected to rise further toward the next resistance level 10.80 (monthly high from April and the target for the completion of wave 2).