NY sugar to test resistance of 20.03 cents

By Shoaib-ur-Rehman Siddiqui

Thursday, 13 September 2012

Sugar

SINGAPORE: New York October sugar will test a resistance at 20.03 cents per lb, a break above which will open the way towards 20.79 cents.

The resistance is at the 23.6 percent Fibonacci retracement on the fall from 24 cents to 18.81 cents, blocking the way towards 20.79 cents, the 38.2 percent level.

The current rebound from 18.81 cents is against a preceding five-wave cycle, it has a good chance to eventually reach 20.79 cents over the next few trading sessions.

Support is at 19.50 cents, a break below which will make the signals neutral.

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.

Courtesy: Reuters

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