NY sugar to fall more to 26.46 cents/lb
SINGAPORE: New York sugar will fall more to 26.46 cents per lb, as indicated by its wave pattern and a Fibonacci projection analysis.
The contract has resumed a fall which is labeled as a wave "a" that started at the Aug. 24 high of 31.85 cents, and ended at 28.10 cents.
The current wave (c) is capable of traveling to 26.46 cents, the 100 percent Fibonacci projection level, based on the length of the wave (a) and the peak of the wave (b) at 30.21 cents.
A rise above 27.89 cents, the 61.8 percent level, will temporarily invalidate the bearish outlook.
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.
Copyright Reuters, 2011
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