New York coffee may rise into $0.9465-$0.9520 range

• The support is provided by the 138.2pc projection level of a downward wave c from $1.0290.
• They strongly indicate a reversal of the downtrend from the Oct. 3 high of $1.0290.

SINGAPORE: New York December coffee may rise into a range of $0.9465-$0.9520 per lb, as it has found a support at $0.9225.

The support is provided by the 138.2pc projection level of a downward wave c from $1.0290.

Coffee failed twice to break this support.

The failures suggest the development of a double-bottom around this level.

A break below $0.9225 could cause a fall towards $0.9045.On the daily chart, two hammers formed around the same level.

They strongly indicate a reversal of the downtrend from the Oct. 3 high of $1.0290.