SINGAPORE: New York coffee will gain more to $2.3450 per lb, as indicated by its wave pattern and a Fibonacci projection analysis.
The rise from the Dec. 19 low of $2.1235 will continue, driven by an upward wave "c" towards a 100 percent Fibonacci projection level, based on the length of the wave "a" and the bottom of the wave "b" at $2.2030.
Support is at $2.26, a break below which will signal the wave "c" may have actually completed at Wednesday's high of $2.3180, and a bearish target at $2.2030 will be established accordingly.
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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