SINGAPORE: New York March sugar may 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 deep fall on Nov. 4 suggests a reversal of the uptrend from the Sept. 22 low of 11.48 cents. The Fibonacci retracement analysis on this trend reveals an immediate support at 14.57 cents, the 23.6 percent level, which blocks the way towards the 38.2 percent level at 13.98 cents.
Strategically, a fall to 14.52 cents may confirm a break below 14.57 cents. A bounce from the current level may be limited to 14.94 cents, the 14.6 percent level.