Markets

NY sugar to drop towards 22.71 cents/lb

Published Updated

The rebound slowed after approaching a strong resistance at 24.04 cents, the 23.6 percent Fibonacci retracement on the fall from 28.35 cents to 22.71 cents.

Strengthened by a descending trendline, the resistance may serve as a limit for the rebound, but a rise above it will open the way to 24.86 cents, the 38.2 percent Fibonacci retracement.

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.

Copyright Reuters, 2011