NY sugar still targets 23.82 cents/lb

SINGAPORE: A bullish target at 23.82 cents per lb is unchanged for New York sugar, as a rebound that started at the Dec. 15 low of 22.62 cents will continue.

The rebound has adopted an "a-b-c" corrective wave mode, with the wave "c" unfolding towards the 23.6 percent Fibonacci retracement on the fall from 27.70 cents to 22.62 cents.

Support is at 23.20 cents, a break below which will trigger a decline to 22.90 cents.

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