• Sugar broke key resistance level 20.40
• Likely to test resistance level 21.00
Sugar under the bullish pressure today after the price broke above the key resistance level 20.40 (which has been steadily reversing the price from the middle of August as can be seen form the daily Sugar chart below). The breakout of the resistance level 20.40 accelerated the active minor impulse wave (iii) of the higher order impulse waves 3 and (3).
Given the clear daily uptrend and the improvement in the risk sentiment seen across the commodities markets today, Sugar can be expected to rise further toward the next resistance level 21.00 (target price for the completion of the active minor impulse wave (iii)).