Technical analysis

Sugar Wave Analysis 9 December, 2020

Sugar Wave Analysis 9 December, 2020

• Sugar reversed from pivotal support level 14.40

• Likely to rise to 15.50

Sugar recently reversed up from the pivotal support level 14.40 (former resistance level from the start of October which has been reversing the price for the last few weeks). 

The support area near the support level 14.40 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from September.

Sugar is expected to rise further toward the next resistance level 15.50 (former resistance from the middle of November).

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