Markets
NY coffee may rise into $1.1380-$1.15 range
- Such a structure strongly signals a reversal of the downtrend, The bullish divergence on the hourly RSI confirms the reversal.
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SINGAPORE: New York December coffee may rise into a range of $1.1380-$1.15 per lb, as the downtrend from the Sept. 4 high of $1.3545 looks complete.
The trend could be broken down into five waves.
The fifth wave labelled e consists of five smaller waves.
Such a structure strongly signals a reversal of the downtrend, The bullish divergence on the hourly RSI confirms the reversal.
Support is at $1.0980, a break below which could cause a fall into $1.0750-$1.0870 range.
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