NY coffee may rise more towards $1.4375

SINGAPORE: New York Sept. coffee may break a resistance at $1.4115 and rise more towards $1.4375 per lb, driven by a wave c.

These resistances are identified respectively as the 23.6 percent and the 38.2 percent Fibonacci retracements on the fall from the July 15 high of $1.5480 to the Aug. 4 low of $1.3695.

The rise from $1.3695 consists of three waves, with the current wave c expected to travel to $1.4380. Coffee has briefly pierced above $1.4115, it has a better chance of breaking above this level.

A further correction from the current level could be limited to $1.3955, the 14.6 percent level.