• Sugar reversed from resistance zone
• Further losses are likely
Sugar recently reversed down from the combined resistance zone lying between the key resistance level 11.70, upper daily Bollinger Band, resistance trendline of the daily down channel from March and the 61.8% Fibonacci correction of the previous downward impulse 1 from May.
The downward reversal from this resistance zone created the strong daily Japanese candlesticks reversal pattern Evening Star.
Sugar is expected to fall further and retest the next support 10.50 (former resistance from the end of August).