SINGAPORE: New York May coffee may end its bounce around a resistance at $0.9210 per lb and then fall towards its April 12 low of $0.8935.
The resistance is provided by the 50 percent retracement of the fall from $0.9485 to $0.8935. It is strengthened by another similar one established by a falling channel.
The downtrend from the April 4 high of $0.9695 may develop more in this channel, as five waves could make up the trend. So far, only four waves have unfolded.
A break above $0.9210 could lead to a gain into the range of $0.9275-$0.9355.
Note: Coffee report is published twice a week - Tuesday and Thursday.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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. **
Comments
Comments are closed for this article.