Markets
NY coffee seen in range of $2.7830-$2.9085/lb
SINGAPORE : New York coffee is expected to consolidate in a range of $2.7830-$2.9085 per lb with the likelihood to rise
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The retracement from the Sept 1 high of $2.9085 is part of a wave (4) consolidation which may have adopted an "a-b-c" flat wave mode, with the current wave "b" rebounding to $2.9085.
A strong rise above $2.9085 will confirm the resumption of a preceding uptrend, with a bullish target to be established at $3.0890.
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Copyright Reuters, 2011