SINGAPORE: New York July coffee may revisit its April 17 low of $1.1530 per lb, as suggested by its wave pattern and a projection analysis.
A five-wave cycle from $1.2135 has not completed. The bounce from $1.1530 was driven by a wave 4, which may end around $1.1770, the 123.6 percent projection level of the wave 3. A falling channel indicates a similar peak of the wave 4.
The wave 5 may start around $1.1770, to drive the downtrend towards $1.1455. A break above $1.1770 may lead to a gain limited to $1.1835.
Note: Coffee report will be provided twice a week - Tuesday and Thursday.
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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