SINGAPORE: New York September coffee may bounce moderately to $0.9250 per lb, as it has found a support at $0.9145.
The support is identified as the 186.4% projection level of a downward wave (c) from $1.1065. Five small waves make up this wave. The final wave labelled 5 is unfolding.
It is hard to guess the ending point of this wave. A falling trendline suggests a level of $0.8610, which looks too far away to be realistic.
A rise above $0.94 could be the very early signal that the wave 5 is over. A fall to $0.91 could be extended to $0.9005.
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. **
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