SINGAPORE: New York December coffee looks neutral in a range of $1.2555-$1.2760 per lb, and an escape could suggest a direction.
For a chart: http://reut.rs/2ykc3lh
The range is formed by the 86.4 percent and the 76.4 percent projection levels of a downward wave C, the third wave of a presumed three-wave cycle from the Aug. 8 high of $1.4725.
A break above $1.2760 could signal that the support at the Sept. 6 low of $1.2675 remains valid. A break below $1.2555 could open the way towards $1.2275.
The bullish divergence on the hourly MACD indicates an upside bias.
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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