• Sugar broke key resistance level 18.7
• Likely to rise to resistance level 19.5
Sugar recently broke the key resistance level 18.7 (which has been steadily reversing the price from last February as can be seen from the daily Sugar chart below). The breakout of the resistance level 65.00 accelerated the active short-term upward impulse wave (iii) – which is a part of the longer-term upward impulse sequences 3 and (3).
Given the prevailing uptrend – Sugar can be expected to rise further toward the next resistance level 19.5 (target price for the completion of the active minor impulse wave (iii) – intersecting with the resistance trendline of the daily up channel from the middle of June).