NY sugar to rebound into 23.52-23.74 cents range

SINGAPORE: New York sugar is expected to rebound into a range of 23.52-23.74 cents per lb, as a small five-wave cycle has completed on the fall from 24.65 cents to 22.82 cents.

A Fibonacci retracement analysis on the fall reveals an immediate target at 23.52 cents, the 38.2 percent level, with a potential upside at 23.74 cents, the 50 percent level.

Support is at 22.82 cents, a break below which will trigger a further loss to 22.20 cents.

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.