Friday, 04 January 2013 13:33
SINGAPORE: New York March sugar will seek a support at 18.81 cents per lb, a break below which will open the way towards 18.31 cents.
The support is provided by the trough of a previous wave b, a failure to break it would signal a possible extension of the rebound from 18.31 cents, but a drop below it will confirm a resumption of the preceding downtrend.
The sharp fall from the Jan. 2 high of 19.75 cents makes the support look very weak, as a result, a moderate rebound may be triggered, with a limit at 19.28 cents.
Copyright Reuters, 2013