- Sugar reversed from key resistance level 1.5280
- Further losses are likely
Sugar today broke the pivotal resistance level 1.5280 (top of the Falling Star from December) – which was proceeding by the breakout of the resistance trendline of the daily down channel from October.
The breakout of the resistance level 1.5280 should accelerate the active short-term impulse wave 3 from the start of January.
Sugar is expected to rise further and re-test the next resistance level 13.20 (top of the previous corrective wave (b) from the end of November).