Monday, 31 August 2015 13:51
SINGAPORE: New York October sugar may retrace more to a support at 10.76 cents, as it failed to break a resistance at 11.15 cents per lb.
The support and the resistance are identified respectively as the 23.6 percent and the 38.2 percent Fibonacci retracements
on the fall from the July 14 high of 12.80 cents to the Aug. 24 low of 10.13 cents.
A break below 10.76 cents could lead to a further loss to 10.52 cents, the 14.6 percent level, while a break above 11.15 cents will confirm the continuation of the uptrend from 10.13 cents towards 11.47 cents, the 50 percent level.
