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SINGAPORE: New York July coffee may break a support at $1.2890 per bushel and fall more to the next support at $1.2680, as suggested by its wave pattern and a Fibonacci projection analysis.

These supports are identified respectively as the 50 percent and the 61.8 percent Fibonacci projection levels of a downward wave C, the third wave of a presumed three-wave cycle from the April 19 high of $1.4640.

Based on a small double-top forming between May 3 and May 11, coffee may fall to $1.2680. Resistance is at $1.3095, a break above which may lead to a gain towards $1.3355.

Copyright Reuters, 2017

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