Wednesday, October 13, 2010

Sugar Technicals from Reuters

SINGAPORE, Oct. 13 (Reuters) - New York sugar <SBc1> may extend its gain into a range between 28.50 cents and 29 cents per lb as a wave "5" is unfolding.

The uptrend is strong as the correction was shallow during the previous trading session, only touching a low at 26.22 cents, which is above 25.73 cents -- the 38.2 percent Fibonacci retracement level on the rise from 23.30 cents to 27.24 cents.

A rising channel is pointing to a range between 28.50 cents and 29 cents, but caution should guide expectations, as the wave "5" is generally the most difficult to be forecast on its peak.

Support is fixed at 27.10 cents, a fall below which would possibly trigger a further retracement to 26 cents.

No comments:

Post a Comment