Sugar recently reversed down from the upper resistance trendline of the daily Triangle from last October. The resistance zone near this trendline was strengthened by 61.8% Fibonacci Correction of the preceding downward price move from the end of the primary wave and the upper daily Bollinger Band (as you can see from the daily Sugar chart below).
Sugar is currently trading close to the lower support trendline of this Triangle. If Sugar breaks this trendline – it can fall to the next sell target at 0.1650 (low of earlier impulse 1).
The post HY MARKETS News: Commodities Report:Sugar appeared first on | HY Markets Official blog.
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