SINGAPORE: Signals are mixed for New York sugar as it refused to continue a downtrend after falling below a support at 24.31 cents, the Oct. 4 low.
A dip below the Monday's low of 23.86 cents is needed to confirm the progress of a wave (5) which will drive the price down to 23.65 cents, as pointed by the lower channel line of a falling channel.
On the other hand, once sugar stands above 24.31 cents, it will rise more to 24.70 cents, a target indicated by the upper channel line of a channel duplicated from the lower channel.
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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