SINGAPORE: New York September coffee may end its correction around a support at $1.1070 per lb and then retest a resistance at $1.1275.
The support and resistance are identified respectively as the 38.2 percent and the 61.8 percent projection levels on an upward wave c from $1.0730.
A wedge has been confirmed as a bullish pattern, suggesting a target around $1.1615.
The resistance at $1.1275 triggered a pullback towards the upper trendline of the pattern.
The pullback may end around $1.1070.
A break above $1.1275 could lead to a gain to $1.1405.
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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