• Sugar reversed from support zone
• Likely to test resistance level 19.50
Sugar reversed up from the support zone located between the pivotal support level 18.60 (which has been reversing the price from July), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from the middle of June. The upward reversal from this support zone stopped the earlier short-term ABC correction 4.
Given the prevailing daily uptrend and the rising demand due to the upcoming holiday season, Sugar can be expected to rise further toward the next resistance level 19.50 (former support from the middle of November).