NY sugar to test resistance of 20.03 cents
By Shoaib-ur-Rehman Siddiqui
Thursday, 13 September 2012
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.
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