- Sugar under bullish pressure
- Likely to rise to 16.00
Sugar is under the bullish pressure after the earlier breakout of the resistance zone lying at the intersection of the key resistance level 15.00 and the upper resistance trendline of the daily up channel from September.
The breakout of this resistance zone strengthened the bullish pressure on Sugar – accelerating the active impulse waves (v) and 3 – which belong to the sharp wave (C) from September.
Given the clear daily uptrend – Sugar is likely to rise to the next resistance level 16.00 (target price for the completion of the active impulse wave 3).