SINGAPORE: A bearish target at 22.23 cents per lb has been established for New York sugar , as indicated by its wave pattern and a Fibonacci projection analysis.
A downward wave (3) has traveled beyond 23.12 cents per lb, the 261.8 percent Fibonacci projection level, and the next available target will be 22.23 cents, the 361.8 percent level.
Strategically, a fall below the Nov. 25 low of 25.71 cents is needed to confirm the target, as a chance is there for the wave "4" rebound to extend.
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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