SINGAPORE: New York March coffee could test a support at $2.3550 per lb, a break below which would open the way towards the $2.2980 to $2.3265 range.
The fluctuation is confined in a narrow range of $2.2980-$2.4120. Most likely, coffee could fall towards $2.2980, as the drop from $2.4475 may consist of three waves. The wave c is unfolding.
A break above $2.4120 could lead to a gain to $2.4475.
As suggested by a double-top and a projection analysis.
Arabica coffee regains ground, raw sugar weakens
The pattern has been confirmed, suggesting a target of $2.2520.
The current drop looks like a continuation of the downtrend from the Dec. 7 high of $2.5235.
Under this scenario, coffee may eventually drop below $2.2055.
Resistance is at $2.35, a break above which may lead to a gain into $2.3865-$2.4055 range.
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.
Comments
Comments are closed for this article.