Tuesday, 04 August 2015 13:42
SINGAPORE: New York October sugar is expected to drop to 10.59 cents per lb, as it has cleared a support at 10.98 cents.
The support was provided by the 476.4 percent Fibonacci projection level of a wave 3, the third wave of a five-wave cycle that developed from the June 26, 2014 high of 19.86 cents.
The next support will be at 10.59 cents, the 500 percent level, which is suggested as a target by the consolidation range of 11.22-11.61 cents.
A sudden rise above 10.98 cents could signal the break below this level was false, and a bounce target will be established at 11.22 cents, the 461.8 percent level.
