Friday, 06 November 2015 15:57
SINGAPORE: New York March sugar is biased to break a support at 14.57 cents per lb and fall towards the next support at 13.98 cents, as indicated by a Fibonacci retracement analysis.
The support is provided by the 23.6 percent Fibonacci retracement on the uptrend from the Sept. 22 low of 11.48 cents to the Nov. 3 high of 15.53 cents. It has caused a bounce which has been almost reversed, signalling a continuation of the fall from 15.53 cents.
Strategically, a fall to 14.45 cents could confirm the break below 14.57 cents, and the target at 13.98 cents, the 38.2 percent retracement. A further bounce could be limited to 14.94 cents, the 14.6 percent level.
