For the past 6 days, the Sugar 11 has been consolidating after broken out from previous resistance which is at 21.00. However, Sugar 11 is still in a good position to break above the 21.77 immediate resistance in order to extending its rebound that started from 1/10/12’s upside breakout..
From the current level, look for an immediate resistance at the 21.77 level, which is the resistance level of the recent consolidation and 50.0 % of Fibonacci retracement.
Next resistance is seen at the 22.30 which is also 38.2% Fibonacci retracement. To the downside, we are eyeing an initial support at the 21.00 level, followed by the 20.00 psychological mark.
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