NY sugar may rise to 20.40 cents

SINGAPORE: New York Oct. sugar may break a resistance at 20.08 cents per lb and rise more to the next resistance at 20.40 cents, as suggested by a Fibonacci projection analysis and a small triple-bottom.

These resistances are identified respectively as the 38.2 percent and the 23.6 percent Fibonacci retracements on the uptrend from the July 29 low of 18.71 cents to the Aug. 8 high of 20.92 cents.

The triple-bottom formed around 19.55 cents and has been confirmed. It suggests a target at 20.40 cents, the 23.6 percent level. Support is at 19.82 cents, the 50 percent level, a break below which could cause a loss to the 61.8 percent level at 19.55 cents.