SINGAPORE: New York sugar faces a support at 22.16 cents per lb and only a break below it could trigger a further fall to 19.87 cents over the next three months.
The support is the 61.8 percent Fibonacci projection level of a downward wave "C" target, and has temporarily stopped the progress of a downtrend.
It is rare for the wave "C" to complete around the 61.8 percent projection level, especially when this level is above the trough of the wave "A".
A chance is still high for the wave "C" to extend to 19.87 cents, the 76.4 percent projection level.
Resistance is at 25.50 cents, a rise above which will neutralize the signals.
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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