Categories: Technical analysis

Sugar Wave Analysis 18 February, 2021

• Sugar broke the key resistance level 17.00

• Likely to rise to 18.00

Sugar recently broke the key resistance level 17.00 (which stopped the previous minor impulse wave (i) in the middle of this month).

The breakout of the resistance level 17.00 is aligned with the active multi-impulse upward impulse sequence made out of the impulse waves (iii), 3 and (C).

Given the prevailing uptrend as seen on the daily charts – Sugar can be expected to rise further toward the next resistance level 18.00 (target price for the completion of the active impulse wave (C)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: sugar

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