SINGAPORE: New York March sugar is due for a sharp rebound, as suggested by its wave pattern and the RSI indicator.
A five-wave cycle seems to have completed on the drop from the Oct. 4 high of 21.77 cents to the October 31 low. The completed cycle will be followed by a decent rebound.
The bullish divergence on the hourly RSI indicator signals the exhaustion of the fall.
Strategically, the confirmation of the rebound will be given when the October 30 high of 19.68 cents is broken.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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