Sugar Technical Analysis Report 23 February, 2021

• Sugar broke key resistance level 18.00
• Likely to rise to resistance level 19.50

Sugar under bullish pressure after the price broke above key resistance level 18.00, intersecting with the resistance trendline of the narrow daily up channel from the middle of December. The breakout of the resistance level 18.00 accelerated the active impulse wave 5 – which belongs to the strong and extended upward impulse sequence (C) from end start of September.

Given the strength of the active uptrend, strong upward momentum on the expectation the demand for sugar will continue to grow as the economies start to reopen after mass vaccinations worldwide – Sugar is likely to rise further toward the next resistance level 19.50 (forecast price for the completion of the active impulse wave (C)).

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