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February 11, 2021 @ 18:59 +03:00
• Sugar reversed from resistance level 16.65
• Likely to correct down to 16.00
Sugar under bearish pressure after the price failed to hold the ground above the resistance level 16.65 (which stopped the previous impulse wave (i) in December).
The resistance area near the resistance level 16.65 was strengthened by the upper daily Bollinger band. The downward reversal form resistance level 16.65 started the active correction (iv).
Given the clear bearish divergence on the daily RSI indicator – Sugar can be expected to fall further toward the next support level 16.00.