SINGAPORE: New York sugar will fall to 22.62 cents per lb, a low touched on Dec. 15, as it is riding on a downward wave (5).
This wave is a continuation of the previous five-wave cycle that started at the Oct. 17 high of 28.35 cents, towards the preceding wave (3) trough.
The downside will not be limited to 22.62 cents, as the wave (5) is capable of traveling beyond this level to arrive at 22 cents.
Resistance is at 23.26 cents, a rise above it will be capped at 23.41 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.
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