SINGAPORE: New York March coffee may gain more to $1.0670 per lb, as indicated by its wave pattern and a projection analysis.
The contract is riding on a wave C from $1.0040. This wave has briefly pierced above $1.0550, its 61.8 percent projection level. It is likely to extend to $1.0865. A realistic target will be $1.0670.
The extension of the wave C will become less possible once coffee breaks below the support at $1.0455, as the break could cause a loss into the range of $1.0235-$1.0355.
Note: Coffee report is published twice a week - Tuesday and Thursday.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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