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Thursday, August 11, 2022

NY sugar to bounce to 10.81 cents

NY sugar to bounce to 10.81 centsSINGAPORE: New York Oct. sugar may rebound to 10.81 cents per lb, as it has found a support at 10.35 cents.

The support is provided by the 514.6 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.

A hammer has formed on the daily candlestick chart on Aug. 10, signaling a swing of the bearish market sentiment. A bounce has been triggered, towards the nearest resistance at 10.81 cents, the 486.4 percent level.

A break below 10.35 cents will open the way towards the 538.2 percent level at 9.96 cents.

Copyright Reuters, 2015

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