Sugar Wave Analysis – 30 July, 2021

• Sugar reversed from resistance zone

• Likely to fall to support level 17.50

Sugar recently reversed down from the resistance zone lying between the key multi-month resistance level 18.85 (which stopped the sharp uptrend in February) and the upper daily Bollinger Band.

The downward reversal from this resistance zone created the daily Bearish Engulfing – which started the active corrective wave (ii).

Sugar can be expected to fall further toward the next support level 17.50 (target for the completion of the active corrective wave (ii).).