Sugar Wave Analysis 22 January, 2021

• Sugar falling inside wave (2)

• Likely to reach support level 15.50

Sugar continues to fall inside the medium-term corrective wave (2) from started earlier from the key resistance level 16.70 intersecting with the daily up channel from last April.

The downward reversal from the aforementioned up channel created the daily candlesticks reversal pattern Morning Star.

Sugar is expected to fall the next support level 15.50 (low of the previous minor correction 4 and former monthly high from November).