SINGAPORE: New York September coffee remains neutral in a range of $1.7345-$1.8145 per lb, and an escape could suggest a direction.
A break above $1.8145 could lead to a gain to $1.8940, while a break below $1.7345 could open the way towards $1.6360. The contract approached $1.8145 again. This move does not necessarily mean a break above this level.
However, the bias could be towards the upside, as the contract has broken a falling trendline.
Note: Coffee report is published twice a week - Tuesday and Thursday.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.