Sugar Technical Analysis Report 01 December, 2020

  • Sugar falling inside minor impulse wave (c)
  • Likely to fall to 14.20

Sugar continues to fall strongly inside the minor impulse wave (c) – which is a part of the ABC correction (iv) which started earlier – when the price reversed down from the major long-term resistance area lying between the major long-term resistance level 15.50 (which started the sharp downtrend in the middle of February), upper daily Bollinger Band and the resistance trendline of the wide daily up channel from the end April.

Given the strength of the aforementioned resistance area Sugar is likely to fall further toward the next support level 14.20 (the target for the completion of the active impulse wave (c) which stopped the previous minor corrective wave (b) in at the start of November).

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