NY coffee neutral in $2.5545-$2.6475 range
SINGAPORE: New York coffee has turned neutral after falling into a range of $2.5545-$2.6475, and an escape will point a direction for its next move.
The 2.6475 level serves as the neckline resistance of a possible double-bottom pattern, and it was tested during the previous trading session.
However, coffee failed to break above this resistance, consequently, the pattern has not been confirmed.
The fall from the hourly chart at $2.66, the wave (c) peak, adopted a corrective wave mode, signaling coffee may retest the resistance.
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.
Copyright Reuters, 2011
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