Sugar Wave Analysis – 13 August, 2020

• Sugar broke key resistance level 13.00

• Likely to rise to 13.5

Sugar today broke above the resistance level 13.00 (which stopped the previous minor impulse wave (iii) at the start of this month).

The breakout of the resistance level 13.00 coincided with the breakout of the 61.8% Fibonacci correction of the downward impulse wave from February.

Sugar is likely to rise further toward the next resistance level 13.5 (target price for the completion of the active impulse wave C).