Technical analysis

Sugar Wave Analysis 13 January, 2021

Sugar Wave Analysis 13 January, 2021

• Sugar reversed from support area

• Likely to rise to 16.26

Sugar recently reversed up from the support area lying between the key support level 15.50 (former monthly high from November) and the 38.2% Fibonacci correction of the upward impulse (1) from last month.

The upward reversal from this support area stopped the previous medium-term ABC correction (2).

Given the strength of the predominant uptrend – Sugar is likely to rise further toward the next resistance level 16.26 (top of the previous impulse wave (1) from the start of January).

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