Monday, 16 March 2015 13:38
SINGAPORE: New York May sugar may hover above support at 12.56 cents per lb for one trading session before breaking below this level and falling more.
Support is provided by the 138.2 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the Jan. 21 high of 16.27 cents.
A rebound has been triggered, which may end around resistance at 12.84 cents, the 123.6 percent level, a break above which may lead to a limited gain to 13.01 cents, the 114.6 percent level.
A drop to 13.50 cents may confirm a break below 12.56 cents, and the 161.8 percent level at 12.12 cents will be targeted then.
Copyright Reuters, 2015
