NY sugar faces a resistance at 29.07 cents/lb

SINGAPORE: New York sugar needs to rise to the previous trading session's high of 29.07 cents per lb to confirm a valid break above an ascending trend-line.

This is because the contract is still hovering around the trend-line and the break could turn out to be false if sugar falls below it again.

The rebound from Tuesday's low of 28.10 cents has lasted two trading sessions, signalling the wave "c" could have completed and is shorter than the wave "a", as indicated by the 76.4 percent Fibonacci projection level.

A rise above 29.07 cents will confirm a small high-low bottom, with a bullish target at 29.79 cents.