SINGAPORE: New York July coffee may retest a support at $1.5165 per lb, a break below which could cause a fall into $1.4465-$1.4985 range.
The drop from $1.6675 seems to be against an uptrend from $1.2250. A retracement analysis on the trend suggests a target zone of $1.4465-$1.4985.
The bounce triggered by the support at $1.5165 is classified as a pullback towards the rising trendline. It may end around $1.5645.
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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