NY sugar may seek support at 20.04 cents

SINGAPORE: New York March sugar may seek a support at 20.04 cents per lb, as the drop from the Sept. 29 high of 24.10 cents seems to be ending.

The drop has been driven by a wave (4), which consists of five small waves. The final wave labelled e is travelling towards 20.04 cents, the 38.2 percent Fibonacci retracement on the uptrend from the Feb. 19 low of 13.48 cents to the Sept. 29 high of 24.10 cents.

This wave (4) has penetrated deep into the range of a preceding wave 4 from the June 29 high of 21.20 cents to the July 29 low of 19.09 cents. The wave (4) may end very soon.