New York coffee may retrace into $1.1660-$1.1915 range

• The resistance is identified as the 100pc projection level of an upward wave C from $1.0580.
• A break above $1.2330 could lead to a gain to $1.2585.

SINGAPORE: New York December coffee may retrace into a range of $1.1660-$1.1915 per lb, as it failed to break a resistance at $1.2330.

The resistance is identified as the 100pc projection level of an upward wave C from $1.0580.

This wave may end around this level or $1.30.

Regardless of the ending point, the resistance at $1.2330 could have triggered a correction deep enough to extend towards $1.1660.

A break above $1.2330 could lead to a gain to $1.2585.