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SINGAPORE: New York sugar has turned neutral as a sudden rebound from the Dec. 28 low of 22.81 cents has violated the development of a downward wave (5).
The contract has been trapped in a falling wedge, which is yet to be confirmed bullish or bearish.
A climb above 24 cents would signal a temporary bottom has formed around the Dec. 15 low of 22.62 cents, while a fall below 22.81 cents will indicate the resumption of the wave (5).
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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