NY sugar still eyes 26.46 cents/lb
SINGAPORE: New York sugar will fall to 26.46 cents per lb, based on its wave pattern and a descending trendline.
The contract is riding on a wave (c), consisting of five small waves labeled as "1-2-3-4-5". The wave "5" has started after touching a high at 28.14 cents during the previous trading session.
A trendline passing through the bottoms of the wave "1" and the wave "3" points to 26.46 cents as an immediate target.
Resistance is at 28.14 cents, a break above which will violate the bearish outlook and establish a bullish target at 29 cents.
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.
Copyright Reuters, 2011
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