SINGAPORE: New York September coffee may fall to $1.0285 per lb, as it has cleared a support at $1.0585.
The support was provided by the 50% retracement of the uptrend from $0.9005 to $1.1565. The next support will be at $1.0285, a break below which could cause a loss to $0.9985.
Wave pattern suggests the progress of a downward wave (c), which is capable of travelling to $1.0035, its 100% projection level.
Resistance is at $1.0670, a break above which may lead to a gain to $1.0960.
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. **
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