Tuesday, October 12, 2010

Sugar Technicals from Reuters

SINGAPORE, Oct 12 (Reuters) - New York sugar is expected to retrace to 25.73 cents per lb as a wave "4" correction has started.

The wave "3" is believed to have completed after touching a high at 27.24 cents, which is around the 261.8 percent Fibonacci projection level, based on the length of wave "1".

The Sept. 29 high at 27.17 cents also serves as a strong resistance to force sugar to retrace towards 25.73, the 38.2 percent Fibonacci retracement level.

Only a rise above 27.24 cents could confirm a resumption of the uptrend towards 29 cents.

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