SINGAPORE: New York September coffee may bounce towards a resistance at $1.0285 per lb again, as it has stabilized in a support range of $0.9885-$0.9985.
The range is formed by the 114.6% projection level of a downward wave (c) from $1.1065 and the 61.8% retracement of the uptrend from $0.9005 to $1.1565. Indeed, this wave could have completed.
A break below $0.9985 may cause a fall limited to $0.9790.
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. **