• Sugar reversed from support zone
• Likely to rise to resistance level 16.55
Sugar recently reversed up from the support zone set between the key support level 15.00 (former resistance from December), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous extended upward impulse from September.
The upward reversal from this support zone started the active intermediate ABC corrective wave (B).
Sugar is likely to rise further toward the next resistance level 16.55 (top of the previous minor wave B from the middle of March).
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