SINGAPORE: New York May coffee faces a resistance at $1.2245 per lb, a break above which could lead to a gain to the next resistance at $1.2380.
These resistances are identified respectively as the 50 percent and the 38.2 percent projection levels of a downward wave C.
The pattern between Feb. 22 and March 12 looks like a double-bottom, which suggests that coffee may revisit the March 2 high of $1.2420.
Given that the resistance at $1.2245 is strengthened by a similar one established by a falling trendline, coffee may hover below this barrier for one more day or retrace towards $1.1945, before rising.
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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