SINGAPORE: New York sugar will extend its recent gains to 26.46 cents per lb, as it could have completed a correction from an hourly chart high at 26.23 cents.
The correction was triggered by a resistance at 26.12 cents -- the 138.2 percent Fibonacci projection level of a wave "C". The depth of the correction seems to have been limited to 25.55 cents, the 100 percent projection level.
Even if sugar fails to surge towards 26.46 cents immediately, it is unlikely to dip below 25.55 cents. Instead, it could just consolidate further between 25.55 cents and 26.12 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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