SINGAPORE: New York July coffee may retest a support at $0.8880 per lb, a break below which could cause a loss to $0.8790.
The support is provided by the 50pc projection level of a downward wave c from $0.9255. After briefly travelling below $0.8880, this wave has a better chance of extending to $0.8790.
On the daily chart, coffee failed to break a falling trendline. The failure suggests the downtrend from $1.1285 remains steady.
Resistance is at $0.9045, the 76.4pc projection level of a downward wave C. A break may open the way towards $0.9475.
Note: Coffee report is published twice a week - Tuesday and Thursday.
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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.
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