SINGAPORE: New York March coffee may test a resistance at $1.2330 per lb, a break above which could lead to a gain to the next resistance at $1.2480.
A five-wave cycle from the Jan. 3 high of $1.3135 has ended around a support at $1.2140, the 76.4 percent retracement of the uptrend from the Dec. 12, 2017 low of $1.1830 to $1.3135.
The support is not working alone, it joins hands with another similar one established by a rising trendline. The bullish divergence on the hourly MACD also suggests a decent bounce is due.
A break below $1.2140 could cause a loss to $1.2005.
Note: Coffee report will be provided twice a week in future, on Tuesday and Thursday.
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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