February 01, 2021 at 03:59PM

• 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)).

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From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/sugar-wave-analysis-1-february-2021-20210201/
Selected by fonecable.com

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