• Sugar broke resistance area
• Likely to rise to resistance level 18.55
Sugar opened today with the wide upward gap – after the price broke the resistance area lying between the key the resistance level 17.00 (which stopped the three previous impulse wave (i) earlier this month) and the resistance trendline of the wide daily up channel from last year . The breakout of this resistance area accelerated the active impulse waves (iii) and 3 which belong to the intermediate upward impulse sequence (C) from the middle of September.
Given the prevailing daily uptrend, the accelerating daily momentum on the expectations of the easing of lockdowns globally will lead to increase demand for sugar – Sugar is likely to rise further toward the next round resistance level 18.55, which is the forecast price for the completion of the active intermediate impulse wave (C).