SINGAPORE: New York July coffee may break a support at $0.9820 per lb and fall towards a range of $0.9395-$0.9630.
The support is provided by the 50pc retracement of the uptrend from $0.9020 to $1.0615.
Following its first failure to break this support, coffee is poised to overcome this barrier and fall more.
The next support will be at $0.9630, a break below which could cause a loss to $0.9395.
Resistance is at $1.0005, a break above which could lead to a gain limited to $1.0240.
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 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.