SINGAPORE: New York March coffee is expected to revisit its Nov. 21 low of $1.5415 per lb, as suggested by a head-and-shoulders pattern.
The pattern has been confirmed, as its neckline was broken.
It suggests a target far below $1.5415. Before falling to $1.5415, coffee may bounce moderately to $1.6185.
Arabica coffee climbs buoyed by slow producer selling
The bounce will be classified as a pullback towards the neckline.
A break below $1.5890 could open the way towards $1.5415-$1.5690 range, while a break above $1.6185 could lead to a gain into a zone of $1.6425-$1.6665.
Comments
Comments are closed.