Monday, 27 July 2015 13:25
SINGAPORE: New York Oct. sugar is expected to drop to 10.98 cents per lb, as it has cleared a support at 11.33 cents.
The support was provided by 61.8 percent Fibonacci projection levels of a downward wave c, the third wave of a three-wave cycle that developed from the May 13 high of 13.90 cents.
The next support will be at 10.98 cents, the 76.4 percent level. The wave c is capable of travelling to 10.42 cents, the 100 percent level. As a result, this support may not hold.
A bounce from the current level may be limited to 11.33 cents, now a resistance.