NY March coffee biased to fall to $1.0030

Shoaib Ur Rehman December 17, 2018

SINGAPORE: New York March coffee is biased to break a support at $1.0235 per lb and fall to the next support at $1.0030.

These supports are identified respectively as the 161.8 percent and the 176.4 percent projection levels of a downward wave (c) from $1.25.

Despite the bullish divergence on the hourly RSI, coffee failed to clear a resistance at $1.04. The bounce triggered by the support at $1.0235 was so weak that it suggests a strong bearish momentum.

A break above $1.04 could lead to a gain to $1.0565.

Copyright Reuters, 2018
 

 

 

 

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