• Sugar rising inside impulse wave (1)
• Likely to rise to resistance level 18.30
Sugar continues to rise inside the intermediate impulse wave which started earlier from the key support level 16.60 (former minor retracement low from April).
The support zone near the support level 16.60 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse wave (1) from April.
Sugar can then be expected to rise further toward the next resistance level 18.30 (top of the previous impulse wave (1)).