Monday, October 11, 2010

Sugar Technicals from Reuters

SINGAPORE, Oct.11 (Reuters) - A bullish target at 27.17 cents per lb for New York sugar is intact, as an upward wave (5) is progressing.

Sugar has successfully stood above the 26.07 cents level, the 76.4 percent Fibonacci retracement on the fall from 27.17 cents to 22.49 cents, confirming a total reversal of the preceding downtrend.

Sugar may overshoot the wave (3) peak at 27.17 cents by penetrating into a range between 27.50 cents and 28 cents and pull back towards 27.17 cents thereafter.

A correction will be limited to a support at 25.50 cents.

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