Sugar Wave Analysis – 30 July, 2019

• Sugar reversed from support zone
• Further gains are likely

Sugar recently reversed up sharply from the support zone lying between the key support level 11.40 (monthly low from May) and the lower daily Bollinger Band.

The upward reversal from this support zone started the active medium-term impulse wave (3).

Sugar is expected to rise further and retest the next resistance level 12.750 – which coincides with the resistance trendline of the daily down channel from last October.