• Sugar reversed from support area
• Likely to rise to resistance level 16.65
Sugar recently reversed up from the support area lying between the pivotal support level 15.60 (former monthly high from November) and the 38.2% Fibonacci correction of the upward impulse from December.
The upward reversal from this support area stopped the previous medium-term ABC correction (2) from last month
Given the clear daily uptrend – Sugar can be expected to rise further toward the next resistance level 16.65 (top of the previous sharp impulse waves 5 and (1)).
