• Sugar reversed from support zone
• Likely to rise further
Sugar recently reversed up from the support zone lying between the key support level 0.1090 (which stopped the sharp downtrend in April) and the upper daily Bollinger Band.
The upward reversal from this support zone completed the previous medium-term ABC correction (2) from the end of May.
Given the oversold value of the daily Stochastic indicator – Sugar is likely to rise further and re-test the next resistance level 0.1154.