SINGAPORE: New York September coffee is expected to bounce more to $1.1185 per lb, as suggested by a projection analysis and a falling wedge.
The current bounce was triggered by a support at $1.06, the 223.6 percent projection level of a downward wave C.
The bounce looks like a part of a falling wedge, the upper trendline of which suggests a target at $1.1185.
The bullish divergence on the hourly MACD indicates a further gain as well.
The downtrend may resume when coffee completes the bounce around $1.1185, as this wave is expected to extend to $1.0240. A break above $1.13 could signal a reversal of the downtrend.
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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