SINGAPORE: New York sugar remains neutral as it is still sandwiched in a range of 22.81-23.60 cents and an escape from the range is needed to indicate its next direction.
A fall below 22.81 cents will open the way to 22.40 cents, as the preceding downtrend will continue, while a rise above 23.60 cents will extend to 24 cents, a high touched on Dec. 28, 2011.
The wave pattern on the hourly chart suggests sugar could be riding on a downward wave (5), which will adopt a three-wave mode, with a limited depth of 22.40 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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