Tuesday, 03 November 2015 12:51
SINGAPORE: New York March sugar is expected to rise to 15.70 cents per lb, as has cleared a resistance at 14.66 cents.
The resistance was provided by the 38.2 percent retracement on the fall from the June 26, 2014 high of 20.13 cents to the Aug. 24, 2015 low of 11.28 cents. The next resistance based on this retracement analysis will be at 15.70 cents, the 50 percent level.
A fall from the current level will be regarded as a pullback towards 14.66 cents, and will most likely be limited to this level.
