Markets

NY coffee faces resistance at $1.5305

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SINGAPORE: New York Dec. coffee faces a resistance at $1.5305 per lb, a break above which could lead to a gain to the next resistance at $1.5490.

These resistances are identified respectively as the 50 percent and the 61.8 percent Fibonacci retracements of the downtrend from the Sept. 22 high of $1.6090 to the Oct. 7 low of $1.4520.

A break above $1.5305 could confirm both a small wedge and a pennant that suggest targets of $1.5490 and $1.5720 respectively. A break below $1.5120 could confirm a small double-top which indicates a target at $1.4890.

Copyright Reuters, 2016