Thursday, 02 July 2015 13:38
.2575″ alt=”NY coffee to test support at .2575″ width=”270″ height=”186″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/vietnam-coffee-premiums-widen-farmers-sales-expected-to-pick-up.jpg”>SINGAPORE: New York September coffee is expected to test support at $ 1.2575 per lb, with a good chance of breaking below this level and falling more towards the next support at $ 1.2375.
These two supports are provided respectively by the 76.4 percent and the 86.4 percent Fibonacci projection levels of a wave c, the third of a three-wave cycle that developed from the May 19 high of $ 1.4625.
The drop on July 1 has confirmed the extension of this wave towards $ 1.21, the 100 percent level. A bounce from the current level may be limited to $ 1.2870, the 61.8 percent level.
