SINGAPORE: New York March sugar is expected to rebound to 20.55 cents per lb, as a temporary bottom has formed around a support at 20.02 cents.
A bearish target at 19.48 cents per lb has been aborted, as the break below 20.02 cents proved to be false.
The support is at the 76.4 percent Fibonacci retracement on the rise from 19.48 cents to 21.77 cents, strengthened by a trendline rising from the Sept. 6 low of 19.48 cents.
A Fibonacci retracement analysis on the fall from 21.74 cents to 19.81 cents reveals a target at 20.55 cents, the 38.2 percent level.
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