SINGAPORE: New York sugar has turned neutral as it is sandwiched between 25.28-26.03 cents range, and a target at 24.73 cents per lb will only be available when the 25.28 cents level is broken.
The consolidation during the past three trading sessions has temporarily invalidated a target measured by a head-and-shoulders pattern, and a rise above 26.03 cents will completely invalidate the pattern.
The support at 25.48 cents, a 100 percent Fibonacci projection of a wave "c" target, seems stronger-than-expected, and a chance has been significantly increased for sugar to rise to 26.22 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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