SINGAPORE: New York May coffee may fall further into a range of $1.2175-$1.2275 per lb, as suggested by a retracement analysis.
The trend from $1.1530 consists of three waves. The second wave labelled b retraced roughly 61.8 percent of the first wave labelled a.
Likewise, the current correction is expected to reverse either 38.2 percent or 50 percent of the wave c, to extend into the range of $1.2175-$1.2275. A rising channel suggests the same zone.
A break above $1.2470 may lead to a gain limited to $1.2595.
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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