NY coffee biased to fall to $1.1915

• Coffee may fall more into a range of $1.1660-$1.1915, which will be confirmed when the support at $1.2090 is broken.
• The resistance is identified as the 107pc projection level of an upward wave C from $1.0580.

SINGAPORE: New York December coffee is biased to break support at $1.2090 per lb and fall to $1.1915, following its failure to break resistance at $1.2455.

The resistance is identified as the 107pc projection level of an upward wave C from $1.0580.

While it would usually be uncommon for the wave C to react to this resistance much more strongly than the lower resistance at $1.2330, a temporary top seems to have formed around $1.2455.

Coffee may fall more into a range of $1.1660-$1.1915, which will be confirmed when the support at $1.2090 is broken.

A break above $1.2330 may not be good enough to confirm a continuation of the uptrend.

The confirmation will only be given when coffee climbs above $1.2455.