• Sugar rising inside impulse waves 3 and (3)
• Likely to rise further
Sugar continues to rise inside the short-term impulse wave 3 which started recently from the support area lying between pivotal support level 0.1180 (previous resistance from May), 50-day moving average, support trendline of the daily up channel channel from April and the 61.8% Fibonacci correction of the previous upward impulse from April.
The upward reversal from this support zone formed the daily Japanese candlesticks reversal pattern Bullish Engulfing – which started the active impulse wave 3.
Sugar is likely to rise further and retest the next resistance level 0.1283 (top of the previous impulse wave 1 and the former support level from February).