NY sugar to test support at 22.69 cents

SINGAPORE: New York March sugar is expected to test a support at 22.69 cents per lb, a break below which could cause a loss to the next support at 22.53 cents.

These supports are provided respectively by the 76.4 percent and the 86.4 percent Fibonacci projection levels of a downward wave c, the third wave of a three-wave cycle from the Sept. 29 high of 24.10 cents. At its full capacity, this wave could travel to 22.32 cents.

Resistance is at 23.11 cents, a break above which could lead to a gain to 23.30 cents.