SINGAPORE: A bullish target for New York coffee has been raised to $2.1140 per lb from $2.0820, as indicated by an inverted head-and-shoulders pattern and a Fibonacci retrenchment analysis.
The neckline resistance is at $2.0450 and coffee has stood above it, confirming the pattern and a target at $2.1140, the 50 percent Fibonacci retrenchment on the fall from $2.25 to $1.9780.
A drop to $2.0360 will neutralize the signals. Wang Tao is a Reuters market analyst for commodities and energy technical. 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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