SINGAPORE: New York September coffee may break a resistance at $1.0765per lb and rise towards $1.0955.
The resistance is provided by the 61.8% projection level of an upward wave C from $0.9625. This wave has completed around the 100% level of $1.1470.
The support at the 50% level of $1.0550 has stopped the fall. Strengthening this support is another one at $1.0585, the 38.2% retracement of the uptrend from $0.9005 to $1.1560. Coffee is expected to bounce towards $1.0955 or at least hover above $1.0550 for one or two days.
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. **