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SINGAPORE: New York May coffee may bounce into a range of $1.2205-$1.2285 per lb, as suggested by a retracement analysis.
The range is formed by the 38.2 percent and the 23.6 retracements of the rise from $1.1855 to $1.2420.
The contract failed to break a falling trendline at its first attempt. Following its stabilization around a support at $1.1990, it may test the trendline again, which crosses the target zone.
A break below $1.1990 could cause a loss to $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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