Thursday, October 14, 2010

Sugar Technicals from Reuters

SINGAPORE, Oct 14 (Reuters) - New York sugar <SBc1> is expected to retrace to 25.92 cents per lb as a five-wave cycle has completed.

A Fibonacci retracement analysis on the rise from 22.49 cents to 28.04 cents reveals 25.92 cents as the 38.2 percent level, which is also the wave "4" trough.

A rising channel could be violated on Thursday, if a lower channel line support at 27 cents is broken again.

Resistance is at 28.04 cents, and a rise above would invalidate the bearish outlook and the high of 29.50 cents will be retargeted.

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