NY sugar faces resistance at 23.76 cents

A rebound from the Nov. 25 low of $22.71 cents has been labelled as a wave (4), which may end around the 38.2 percent Fibonacci retracement on the fall from 25.45 cents to 22.71 cents.

The 50 percent level at 24.08 cents will be targeted, once the resistance at 23.76 cents is cleared.

A fall below 22.89 cents will confirm the resumption of a downtrend towards 22 cents.