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The support is provided by the 76.4 percent Fibonacci retracement on the uptrend from the June 24 low of 18.53 to the June 30 high of 21.22 cents. The bounce caused by this support failed to extend above a resistance at 19.88 cents.
The resistance is provided by the 50 percent Fibonacci projection level of a downward wave C, which is the third wave of a three-wave cycle from 21.22 cents and is capable of travelling to 18.80 cents, its 100 percent projection level.
In the meantime, sugar failed to break a falling trendline as well. The failure suggests the downtrend from 21.22 cents remains intact. A break above 19.88 cents could lead to a gain to 20.19 cents, the 38.2 percent level.