SINGAPORE: New York coffee will fall to $2.20 per lb, as a medium-term downtrend has resumed, after the contract touched $2.3350, a lower low compared to the Sept. 23 low of $2.3405.
A triple zigzag pattern is still unfolding, with the current drop labeled as a wave "A", advancing towards $2.20, as pointed by a trendline descending through the troughs of the first wave "C" and the second wave "C".
Resistance is at $2.40, a break above which will temporarily invalidate the bearish outlook.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Comments
Comments are closed for this article.