SINGAPORE: New York coffee will rise to $2.4680 per lb, as indicated by its wave pattern and a Fibonacci projection analysis.
The contract is riding on a wave "c", as part of a bigger wave "C" which is the second upward leg of a rebound that started at the Oct. 3 low of $2.2315.
Strategically, a resistance zone of $2.3995-$2.4045 should be cleared before the target at $2.4680 is confirmed.
The zone is formed by the 50 percent Fibonacci projection level of the wave "C" target and the 61.8 percent Fibonacci projection level of the wave "c".
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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