Technical analysis

Sugar Wave Analysis 22 October, 2020

Sugar Wave Analysis 22 October, 2020

• Sugar broke wide daily up channel

• Likely to rise to 15.50

Sugar continues to rise after the earlier breakout of the resistance area lying between the key resistance level 14.75 (which stopped the previous short-term impulse wave (i)) and the resistance trendline of the wide daily up channel from April.

The breakout of this resistance area accelerated the active short-term impulse wave 5 – belonging to the fast upward impulse sequence (C) from September.

Sugar is likely to rise further toward the next resistance level 15.50 (target for the completion of the active short-term impulse wave (iii)).

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