NY sugar biased to break support at 13.03 cents
New York March sugar is biased to break a support at 13.03 cents per lb and fall more towards the next support at 12.86 cents, driven by a wave 5.
This is the fifth wave of a five-wave cycle from the Dec. 31, 2015 high of 15.44 cents. This wave is capable of extending to 12.68 cents, its 161.8 percent Fibonacci projection level, based on the length of the first wave labelled 1.
The immediate support is at 13.03 cents, the 138.2 percent level, which temporarily holds the fall towards the 150 percent level at 12.86 cents. Resistance is at 13.25 cents, the 123.6 percent level, a break above which could lead to a gain to 13.39 cents, the 114.6 percent level.