SINGAPORE: New York May coffee may retrace to a support at $1.1945 per lb, as it failed to break a resistance at $1.2245.
The support and the resistance are identified respectively as the 76.4 percent and the 50 percent projection levels of a downward wave C, the third wave of a three-wave cycle from $1.3350.
Following its failure to overcome the barrier at $1.2245, coffee pierced below the nearest support at $1.2110. Chances are it may drop more to $1.1945, as the rally from the Feb. 22 low of $1.1855 looks like a bounce.
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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