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NY sugar to climb up to 29.85 cents/lb
SINGAPORE : New York sugar will climb up in a rising channel to 29.85 cents per lb, based on a Fibonacci projection anal
SINGAPORE: New York sugar will climb up in a rising channel to 29.85 cents per lb, based on a Fibonacci projection analysis.
The contract has broken above a descending trend-line that started from the Aug 24 high of $31.85, causing a reversal on the following downtrend.
An upward wave "c" will push the price up to 29.85 cents, the 100 percent Fibonacci projection level, with an upside potential to 30.36 cents, the 138.2 percent level.
Support is at 28.52 cents, a break below which will invalidate the bullish outlook.
Copyright Reuters, 2011
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