SINGAPORE: New York September coffee may retest a support at $1.0550 per lb, as suggested by its wave pattern and a Fibonacci ratio analysis.
The support is provided by the 50% projection level of an upward wave C from $0.9625. This wave has completed at the July 5 high of $1.1565.
The bounce triggered by the support forms a part of an irregular flat. The downtrend from $1.1565 may have resumed towards the range of $1.0060-$1.0330.
Resistance is at $1.0765, a break above which could open the way towards $1.1035.
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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