The support was provided by the 76.4 percent Fibonacci projection level of a downward wave c that started at the Oct. 20 high of 16.89 cents. This wave is capable of travelling to 15.97 cents, the 100 percent projection level.
A rise to 16.22 cents may signal the break below 16.19 cents was false and sugar may then rebound further to 16.32 cents, the 61.8 percent projection level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.