Sugar Wave Analysis – 10 May, 2019

• Sugar reversed from support area
• Further gains are likely

Sugar recently reversed up from the key support area lying between the support level 11.75 (which has been reversing the price from January), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from last September.

The upward reversal from this support area completed the previous minor ABC correction 2 – which belongs to the impulse wave (3) from April.

Sugar is expected to rise further and retest the next resistance level 12.17 (former support level from March).