• Sugar broke resistance area
• Likely to rise to resistance level 20.50
Sugar continues to rise after recently breaking the resistance area located between the key resistance level 19.50 and the resistance trendline of the daily up channel from the middle of June. The breakouts of this resistance area accelerated the active minor impulse wave (iii) – which belongs to the higher order impulse waves 3 and (5).
Given the prevailing uptrend that can be seen on the daily charts and the improvement in risk sentiment as seen across the commodities markets today – Sugar can be expected to rise further toward the next resistance level 20.50 (target price for the completion of the active minor impulse wave (iii).