NY coffee to rise to $2.3960/lb

SINGAPORE: New York coffee will rise to $2.3960 per lb, as a reclassification on its wave pattern on the hourly chart indicates an upward wave "C" has started.

This wave is the second upward leg of a rebound from the Oct. 3 low of $2.2315, progressing towards $2.5520, the 100 percent Fibonacci projection level over the next few trading sessions.

An immediate target is $2.3960, the 50 percent projection level.

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