SINGAPORE: New York May coffee may rise into a range of $1.2295-$1.2355 per lb, as suggested by its wave pattern and a projection analysis.
The range is formed by the 61.8 percent and the 76.4 percent projection levels of an upward wave c from $1.2030. This wave is capable of travelling into the range of $1.2295-$1.2455. A falling trendline suggests a target around $1.2355.
A break above $1.2355 could lead to a gain to $1.2455, while a break below $1.2130 could signal a completion of the bounce from the Feb. 22 low of $1.1855.
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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