SINGAPORE: New York May coffee may break a support at $1.1905 per lb and fall into a range of $1.1805-$1.1865, as suggested by its wave pattern and a projection analysis.
The contract is riding on a wave c from $1.2230. This wave has travelled to its 76.4 percent projection level at $1.1905. It has a better chance of extending to $1.1805.
The bounce triggered by the support at $1.1905 is expected to be brief, probably to end below $1.2020. Only a rise above $1.2070 could signal a reversal of the downtrend.
Note: Coffee report will be provided twice a week - Tuesday and Thursday.
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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