SINGAPORE: New York March sugar looks neutral in a range of 14.33-14.62 cents per lb, and an escape will point a direction.
The range is formed by the Jan. 7 low and the 23.6 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the Dec. 14, 2015 low of 14.23 cents.
A break below 14.33 cents will confirm the continuation of the downtrend from the Dec. 4, 2015 high of 15.85 cents, towards 13.76 cents, as pointed by a dotted trendline parallel to the upper trendline of a wedge.
A break above 14.62 cents could lead to a gain to 14.79 cents, the 38.2 percent level.
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