• Sugar rising inside impulse wave (3)
• Likely to reach resistance level 16.30
Sugar continues to rise sharply inside the medium-term upward impulse wave (3) – which started earlier from the key support level 15.50 (former powerful resistance from November and also from February of 2020, as can be seen below – strengthened by the nearby 38,2% Fibonacci correction level of the previous sharp upward impulse wave (1) from the middle of December.
Given the strength of the uptrend that can be seen on the daily Sugar charts – Sugar is expected to rise further toward the next resistance level 16.30 (top of the previous medium-term impulse wave (1) from the start of January).
