SINGAPORE: New York March coffee may stabilize around a support at $1.0470 per lb and retest a resistance at $1.0675.
The support is provided by the 100 percent projection level of an upward wave c from $0.9930. This wave has briefly travelled above a falling trendline. This violated line suggests a reversal of the downtrend from the Oct. 19, 2018 high of $1.2920.
The fall triggered by the resistance at $1.0675 is regarded as a pullback towards this line. Eventually, this wave could resume towards $1.0805.
A break below $1.0470 could cause a loss to $1.0345.
Note: Coffee report is published twice a week - Tuesday and Thursday.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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