SINGAPORE: New York sugar will fall more to 22.84 cents, the 100 percent Fibonacci projection level of a downward wave (3) target.
This wave started from the April 9 high of 24.86 cents and will travel a much longer distance than the preceding wave (1), which developed from the March 23 high of 26.13 cents and completed at the March 28 low of 24.11 cents.
The rebound will be limited to 23.45 cents.
**Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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