SINGAPORE: New York July coffee may drop to $1.3285 per lb, as it failed to break a resistance at $1.3755.
The resistance is provided by the 50 percent Fibonacci retracements on the downtrend from the April 19 high of $1.4640 to the April 27 low of $1.2865. This barrier caused a correction deeper than any preceding one since the current bounce started at $1.2865.
This deep correction signals either the bounce or the first part of the bounce has completed. A break above $1.3755 could lead to a gain into the range of $1.3960-$1.4220.
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.
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