NY coffee neutral in $1.1660-$1.1915 range

• The range is formed by the 61.8pc and the 76.4pc projection levels of an upward wave C from $1.0580.
• The bias could be towards the downside, as the rise from $1.0580 could be broken down into five small waves.

SINGAPORE: New York December coffee looks neutral in a range of $1.1660-$1.1915 per lb, and an escape could suggest a direction.

The range is formed by the 61.8pc and the 76.4pc projection levels of an upward wave C from $1.0580.

A break above $1.1915 could lead to a gain to $1.2330 while a break below $1.1660 could cause a fall into the range of $1.1250-$1.1455.

The bias could be towards the downside, as the rise from $1.0580 could be broken down into five small waves.

Coffee is likely to retrace towards the bottom of the wave 4 around $1.1455.