SINGAPORE, Oct. 18 (Reuters) - New York sugar is expected to retrace to a range between 25.42 cents and 26.12 cents per lb as indicated by its wave pattern and a Fibonacci retracement analysis.
A five-wave completion is seen on the rise from 22.49 cents to 28.36 cents, and the current correction is expected to drive the price down to a range formed by the 38.2 percent and 61.8 percent Fibonacci retracement levels.
A bearish divergence that has formed on the RSI indicator confirms the completion of the five-wave cycle.
Resistance is at 27.80 cents, a break above which would temporarily invalid the bearish outlook.
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