NY sugar to retrace to 24 cents/lb

SINGAPORE: New York sugar faces a resistance at 24.56 cents per lb, and may retrace to 24 cents, a high touched on Dec. 28, 2011.

The resistance is the 38.2 percent Fibonacci retracement on the fall from 27.70 cents to 22.62 cents, and it will force sugar to retrace, as the resistance at 23.82 cents, the 23.6 percent level, has triggered a deep correction.

A fall below 24 cents will find a stronger support at 23.82 cents.

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