Markets
NY sugar to revisit Monday high 31.65 cents/lb
SINGAPORE : First month New York sugar is expected to revisit a Monday high of 31.65 cents per lb as a correction fro
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SINGAPORE: First month New York sugar is expected to revisit a Monday high of 31.65 cents per lb as a correction from this level could have completed.
Labelled as a wave "4", the correction has almost touched a limited depth -- the 30.50 cent level, which is also the 38.2 percent Fibonacci retracement on the rise from 28.64 cents to 31.65 cents.
A further drop below 30.25 cents will violate the bullish outlook, as sugar may move into a new price band of 29-30.20 cents.
Readers should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Copyright Reuters, 2011
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