SINGAPORE: New York March coffee is expected to test a support at $1.1945 per lb, a break below which could cause a further loss to the next support at $1.1830.
These supports are identified respectively as the 76.4 percent and the 86.4 percent projection levels of a presumed wave C, the third wave of a three-wave cycle from $1.3350.
Coffee has broken a key support at $1.2110. It has a better chance of extending to $1.1675. A more realistic target could be $1.1830.
A break above $1.2110 could lead to a gain to $1.2245.
Note: Coffee report will be provided twice a week - 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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