Sugar Wave Analysis – 31 July, 2020

• Sugar broke resistance zone

• Likely to rise to 13.00

Sugar today broke through the resistance area located between the important resistance level 12.22 (which has reversed the price multiple times from June) and the 50% Fibonacci correction level of the previous extended downward impulse from May. .

The breakout of this resistance zone coincided with the breakout of the 38.2% Fibonacci correction level of the previous sharp downward impulse from February.

Sugar is expected to rise further in the active impulse waves (iii) and C toward the next resistance level 13.00.