- Sugar reversed from support area
- Further gains are likely
Sugar recently reversed up from the support area lying between the key support level 11.75 (former monthly low from January), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from last September.
The upward reversal from this support area stopped the earlier extended ABC correction (B).
Sugar is expected to rise further in the active impulse waves 3 and (C) and retest the next resistance level 12.75 (which repeatedly reversed the price in April).