Sugar Wave Analysis 22 October, 2020
October 22, 2020 @ 18:09 +03:00
• 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)).