NY sugar target lowered to 24.73 cents/lb

SINGAPORE: A bearish target at 25.48 cents per lb has been modified to 24.73 cents for New York sugar, based on a head-and-shoulders pattern.

The previous target of 25.48 cents is the 100 percent Fibonacci projection level of a downward wave "c", and was narrowly missed during the previous trading session.

The target was lowered as the head-and-shoulders has been confirmed, after contract fell below the neckline support at 26.22 cents.

A rise above 26.22 cents will invalidate the bearish outlook.

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