Sugar Wave Analysis – 15 July, 2020

• Sugar reversed from key support level 11.30

• Likely to rise to 12.25

Sugar today reversed up from the key support level 11.30 (former monthly high from May, which also reversed the previous short-term correction (iv) at the end of June, as can be seen below).

The support zone near the support level 11.30 was strengthened by the lower daily Bollinger band.

Sugar is likely to rise further toward the next strong resistance level 12.25 (which reversed the price multiple times from June – stopping waves (iii), (b) and (2)).