SINGAPORE: New York July coffee faces resistance at $1.9660 per lb, a break above which will lead to a further gain to $2.0090.
Resistance has been identified as the 38.2 percent Fibonacci retracement on the fall from the April 23 high of $2.19 to the May 12 low of $1.8275. The next resistance will be at $2.0090, the 50 percent level.
A double-bottom that formed between May 12 and May 14 has been confirmed, as its neckline around $1.9130 has been broken. The pattern points a target at $2.0090.
A further drop from the current level will be limited to $1.9130, the 23.6 percent retracement.
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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