SINGAPORE: A bearish target at 22.33 cents per lb remains intact for New York sugar as indicated by its wave pattern and a bearish double-top.
A downward wave "a" is progressing, as a part of a double-zigzag pattern which will complete seven waves labelled as "a-b-c-x-a-b-c". Based on a Fibonacci projection analysis, this wave is expected to travel to 22.33 cents, the 100 percent level.
In the meantime, a double-top has been confirmed after the neckline support at 26.38 cents was broken, with an aggressive target at 21.10 cents.
Strategically, the target at 22.23 cents will only become available after the contract breaks below a support at 24.30 cents, the 61.8 percent Fibonacci projection level.
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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