SINGAPORE: Signals for New York coffee tuned neutral as it bounced up after touching a trendline descending from the Sept. 2 high of $2.9045.
A neutral range has been defined between $2.3525 and $2.433 and only a fall below that could confirm a target at $2.3020 per lb. A rise above that level will open the way to $2.55 - the Oct. 25 high.
The bias is at the downside, as the rebound that started at the Nov. 1 low of $2.24 is considered to be over, after it stalled around a resistance at $2.4290, the 76.4 percent Fibonacci projection level of an upward wave "c" target.
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.