Wednesday, October 6, 2010

Sugar Technicals from Reuters

SINGAPORE, Oct 6 (Reuters) - New York sugar would rise to trade between 24.28 cents and 24.83 cents per lb as a bottom may have formed at Monday's low of 22.49 cents.  

A Fibonacci retracement analysis on the fall from 27.17 cents to 22.49 cents reveals a target range formed by the 38.2 percent and 50 percent levels.  

However, the upside may not be limited to 24.83 cents as a wave (5) is progressing towards the wave "3" peak at 27.17 cents, and may eventually surpass that mark.  

Support is at 23.65 cents, a fall below would be limited to 22.49 cents.

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