SINGAPORE: New York sugar will pull back to the neckline resistance of 26.48 cents per lb of a double-top the second time, as indicated by its wave pattern.
The contract stopped sliding further after touching a support at 24.30 cents, the 61.8 percent Fibonacci projection level of a possible wave (a), based on the length of the preceding wave (c), and the peak of the wave "x" at 27.64 cents.
The support has triggered a rebound that could have adopted an "a-b-c" wave mode, with the wave "c" progressing towards the neckline of the double-top.
A fall below 24.30 cents will confirm the resumption of a medium-term downtrend towards 23 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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