Markets
NY coffee to rebound to $2.70/lb
SINGAPORE : New York coffee will rebound to $2.70 per lb, as it has temporarily completed a correction from the Sept.
1 min
By
The correction has adopted a five-wave mode, labeled as "A-B-C-D-E", and has apparently stopped around $2.5650, the 61.8 percent Fibonacci retracement on the rise from $2.3530 to $2.9085.
Strategically, a further gain to $2.65 will confirm a rise of the contract into a new price band as defined by the upper channel, with its upper channel line pointing to $2.70.
A fall below $2.5650 will extend to $2.4840, the 76.4 percent retracement.
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.
Copyright Reuters, 2011