Thursday, October 7, 2010

Sugar Technicals from Reuters

SINGAPORE, Oct.7 (Reuters) - A bullish target at 24.28 cents a lb for New York sugar <SBc1> is unchanged, as it is riding on an upward wave "5".

A medium-term target is seen at 27.17 cents if the bullish trend holds.

Sugar is expected to rise above a resistance at 24 cents, the neckline of a possible inverted head-and-shoulders, which is commonly interpreted by the market technicians as a bullish reversal pattern.

A rise above 24.28 cents would extend its gain to 24.83 cents - the 50 percent Fibonacci retracement level on the fall from 27.17 cents to 22.49 cents. 

A fall from the current level could be limited to 22.80 cents.

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