SINGAPORE: New York September coffee may test a resistance $0.9930 per lb, a break above which could lead to a gain to $1.0150.
The resistance is identified as the 50% retracement of the uptrend from $0.9005 to $1.0860. The downtrend from $1.0860 seems to have reversed around a support at $0.9715, as indicated by a break above a falling trendline.
Only a break below $0.9650, the 114.6% projection level of a downward wave c, could signal the extension of the downtrend towards $0.9445.
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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