- Sugar testing resistance level 14.95
- Likely to rise to 15.70
Sugar retains the strongly bullish tone after the price previously reversed up from the key support level 14.40 (former pivotal resistance from the start of October), intersecting with the upper trendline of the recently broken up channel from April. The upward reversal from this support level created the daily Japanese candlesticks reversal pattern Morning Star – which marked the start of the active impulse wave 5.
The price is currently testing the earlier minor high at 14.95 – the decisive breakout of which should accelerate the active upward impulse waves 5 and (C). The next upward target stands at the powerful resistance level 15.70 (start of multi-month downtrend from February and the target price for the termination of wave (C)).
