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NY coffee may test support at $0.9145
SINGAPORE: New York July coffee may test a support at $0.9145 per lb, with a good chance of breaking below this leve
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SINGAPORE: New York July coffee may test a support at $0.9145 per lb, with a good chance of breaking below this level and falling to $0.9045.
The support is identified as the 23.6 percent retracement of the downtrend from $0.9940 to $0.89. Coffee failed to break this support in its first attempt on April 23.
Driven by a wave c, the contract is likely to overcome this barrier this time, as the wave c is capable of travelling to $0.9045, its 100 percent projection level.
Resistance is at $0.9295, a break above which could lead to a gain to $0.9420.
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