NY sugar looks shaky, due for deep correction

New York Sugar
New York Sugar

Wednesday, 09 October 2013

SINGAPORE: New York March sugar looks shaky while it hovers below a resistance at 18.70 cents per lb and may quickly retrace to a support at 18.28 cents.

The resistance is provided by the 176.4 percent Fibonacci projection level of the wave C that started at the Aug. 22 low of 16.79 cents. Only a surge above this barrier could confirm the extension of the wave towards 18.95 cents, the 200 percent projection level.

The bearish divergence on the hourly RSI suggests sugar has become technically very weak and is due for a deep correction which may reach as low as 18.28 cents, the 138.2 percent projection level.

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.

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