Sugar Wave Analysis – 3 September, 2020

• Sugar broke key support level 12.22

• Likely to fall to 11.80

Sugar continues to decline after the earlier breakout of the key support level 12.22 (former strong resistance level in June and July).

The breakout of the support level 12.22 was preceded by the breakout of the daily up channel from April – which strengthened the bearish pressure on Sugar.

Sugar is likely to fall further toward the next support level 11.80 (target price for the completion of the active impulse wave 3).