SINGAPORE: New York September coffee may end its fall in a support range of $0.9985-$1.0035 per lb and start a bounce towards $1.0285.
The range is formed by the 61.8% retracement of the uptrend from $0.9005 to $1.1565 and the 100% projection level of a downward wave (c) from $1.1065. This wave may end around $1.0035.
A break below $0.9985 may open the way towards $0.9610.
Note: Coffee report is published twice a week – Tuesday and Thursday.
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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.