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NY coffee may test support at $1.2590
SINGAPORE: New York December coffee may test a support at $1.2590 per lb, a break below which could cause a loss to
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SINGAPORE: New York December coffee may test a support at $1.2590 per lb, a break below which could cause a loss to the Oct. 5 low of $1.2430.
The support is provided by the 7 percent Fibonacci retracement of the downtrend from the Aug. 8 high of $1.4725 to $1.2430.
The uptrend from $1.2430 may resume so long as coffee remains above this level, as this trend is against the downtrend from $1.4725, based on the retracement analysis.
A break above $1.2765 could lead to a gain to $1.2970. A further surge will confirm the extension of the uptrend towards $1.3305.
A break below $1.2430 could cause a loss limited to $1.2275, the 100 percent Fibonacci projection level of a downward wave c.
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