SINGAPORE: New York sugar is expected to end a minor rebound about 27.30 cents per lb and drop towards 25.85 cents thereafter.
The wave pattern on the rise from the Oct. 4 low of 24.31 cents indicates the contract will eventually come back to this level, and the current fall from the Oct. 17 high of 28.35 cents resumes a preceding downtrend that started from the August high of 31.85 cents.
A Fibonacci retracement on the rise from 24.31 cents to 28.35 cents reveals the next target will be 25.85 cents, the 61.8 percent level, after the 50 percent level at 26.33 cents was 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.
Comments
Comments are closed for this article.