SINGAPORE: New York October sugar still targets 16.37 cents per lb, as it has broken below a support at 16.64 cents.
The support is provided by the 38.2 percent Fibonacci retracement on the rise from the July 16 low of 15.93 cents to the July 31 high of 17.08 cents.
A pullback towards this support has completed and sugar seems to have resumed its drop towards the next support at 16.37 cents, the 61.8 percent retracement.
A break above 16.64 cents may result in a further rebound to 16.75 cents, a resistance provided by the lower trendline of a triangle.
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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