SINGAPORE: New York sugar is expected to fall to 23.40 cents per lb, as indicated by the lower channel line of a falling channel.
A short-term downtrend is firm within a falling channel, and the fall below a pivotal support at 24.31 cents -- the Oct. 4 low -- has confirmed a medium-term downtrend that started at the Aug. 24 high of 31.85 cents.
The wave pattern indicates a downward wave (3) is progressing, with an aggressive target at 23.04 cents over the next few trading sessions, based on a Fibonacci projection analysis.
The 24.31 level has become a strong resistance, serving as a limit for any weak rebound from the current 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.
Comments
Comments are closed for this article.