- Sugar broke key support level 12.40
- Further losses are likely
Sugar today broke through the key support level 12.40 (which stopped the previous wave (b) at the end of January).
The breakout of this support level accelerated the active short-term impulse wave 3 from the middle of February – which belongs to wave (3) from October.
Sugar is expected to fall further and re-test the next support level 11.75 (multi-month low from January).