SINGAPORE: A rebound target at 19.79 cents per lb has been established for New York March sugar as indicated by its wave pattern and a Fibonacci retracement analysis.
The rebound will partially reverse a five-wave cycle that developed from 21.77 cents and ended at 19.18 cents. A Fibonacci retracement analysis on the cycle reveals an immediate target at 19.79 cents, the 23.6 percent level.
The bullish divergence on the hourly RSI indicator suggests sugar is technically very strong, and the rebound could be sharp.
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