SINGAPORE: New York December coffee may gain into a range of $0.9905-$1.0070 per lb, as suggested by its wave pattern and a projection analysis.
The bounce from the Aug. 20 low of $0.9340 consists of three waves. The current wave labelled c is capable of travelling into the target range formed by the 138.2% and the 123.6% projection levels of a downward wave C from $1.1440.
Support is at $0.9645, a break below which could cause a fall to $0.9480.
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 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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