Markets
NY sugar to fall more to 26.46 cents/lb
SINGAPORE : New York sugar will fall more to 26.46 cents per lb, as indicated by its wave pattern and a Fibonacci proj
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The contract has resumed a fall which is labeled as a wave "a" that started at the Aug. 24 high of 31.85 cents, and ended at 28.10 cents.
The current wave (c) is capable of traveling to 26.46 cents, the 100 percent Fibonacci projection level, based on the length of the wave (a) and the peak of the wave (b) at 30.21 cents.
A rise above 27.89 cents, the 61.8 percent level, will temporarily invalidate the bearish outlook.
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Copyright Reuters, 2011