Sugar Technical Analysis Report 23 July, 2021

• Sugar reversed from support area
• Likely to rise to resistance level 18.50

Sugar continues to rise inside the minor impulse wave 3, which started earlier from the key support level 17.00. The active impulse wave 3 belongs to the longer-term upward impulse wave (3) from the middle of June – which is itself a part of the longer-term upward impulse sequence 3 from the end of March.

Given the prevailing dialy uptrend – Sugar can be expected to rise further toward the next resistance level 18.500 (top of the previous short-term impulse wave 1 from the end of June) – followed by the major resistance level 19.00 (which stopped the sharp uptrend at the end of February).

Was this post helpful?