SINGAPORE: New York sugar will fall to 22.81 cents per lb, a presumed wave "b" trough, as it has completed an "a-b-c" corrective cycle.
The wave "c" stalled after approaching a strong resistance at 23.43 cents, the 138.2 percent Fibonacci projection level, based on the length of the wave "a" and the trough of the wave "b" at 22.81 cents.
A preceding downtrend could have started, driven by a downward wave "5", which is expected to travel beyond the bottom of the wave "3" at 22.71 cents.
A resistance is at 23.43 cents, a break above which indicates an extension of the rebound from 22.71 cents towards 23.54 cents -- the 161.8 percent projection level.
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.
Comments
Comments are closed for this article.