(MENAFN - FxPro)
• Sugar broke the key resistance level 17.00
• Likely to rise to 18.00
Sugar recently broke the key resistance level 17.00 (which stopped the previous minor impulse wave (i) in the middle of this month).
The breakout of the resistance level 17.00 is aligned with the active multi-impulse upward impulse sequence made out of the impulse waves (iii), 3 and (C).
Given the prevailing uptrend as seen on the daily charts – Sugar can be expected to rise further toward the next resistance level 18.00 (target price for the completion of the active impulse wave (C)).
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