SINGAPORE: New York December coffee still targets a range of $0.9775-$0.9905 per lb, as suggested by its wave pattern and a projection analysis.
The contract is riding on a wave c, the third wave of a three-wave bounce from the Aug. 20 low of $0.9340. This wave, along with its preceding two waves, has been controlled by the various projection levels of a bigger wave C from $1.1440.
The wave c has travelled above a falling trendline. It may extend into the target range. Support is at $0.9480, a break below which could confirm the continuation of the downtrend towards $0.9220.
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. **