SINGAPORE: New York May coffee may fall to $0.9585 per lb, as suggested by its wave pattern and a projection analysis.
The contract is riding on a wave (5), the final wave of a bigger C from $1.1010. This wave is capable of travelling to $0.9375, which is pointed by a trendline falling through the bottoms of the preceding wave (1) and the wave (3). However, a more realistic target could be $0.9585.
Resistance is at $0.9790, a break above which could lead to a gain into the range of $0.9840-$0.9920.
Note: Coffee report is published twice a week - Tuesday and Thursday.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** 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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