Monday, 03 August 2015 11:50
SINGAPORE: New York Oct. sugar is expected to test a support at 10.98 cents per lb, a break below which could lead to a loss towards the next support at 10.59 cents.
These supports are provided respectively by the 476.4 percent and 500 percent Fibonacci projection levels of a wave 3, the third wave of a five-wave cycle that developed from the June 26, 2014 high of 19.86 cents.
Based on the consolidation range of 11.22-11.61 cents, sugar could drop to 10.59 cents. A sudden surge above 11.28 cents may signal the break below the former support at 11.22 cents, the 461.8 percent level, was false, and the 438.2 percent level at 11.61 cents may be approached again.
