NY coffee may hover above $1.00 per lb

• Coffee will either resume its uptrend from the Aug. 20 low of $0.9340 or bounce towards $1.0260.
• Coffee report is published twice a week - Tuesday and Thursday.

SINGAPORE: New York December coffee  may hover above $1.00 per lb, or bounce to $1.0260, as suggested by a retracement analysis.

The support is identified as the 50% retracement of the uptrend from $0.95 to $1.0495. Coffee failed twice to break this support. The failures suggest that the fall from $1.0495 could have completed.

Coffee will either resume its uptrend from the Aug. 20 low of $0.9340 or bounce towards $1.0260. A break below $1.00 could cause a fall limited to $0.9880.

Note: Coffee report is published twice a week - Tuesday and Thursday.

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** 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. **