Tuesday, 14 July 2015 13:38
.3030″ alt=”NY coffee to test resistance at .3030″ 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 Sept. coffee is expected to test a resistance at $ 1.3030 per lb, a break above which could lead to a gain to $ 1.3230.
The resistance is provided by the 38.2 percent Fibonacci retracement on the fall from the June 10 high of $ 1.41 to the July 7 low of $ 1.2365, blocking the way towards the 50 percent level at $ 1.3230.
The pullback towards the 23.6 percent level at $ 1.2775 has completed and coffee is poised to test $ 1.3030. A break below $ 1.2775 could cause a loss to the 14.6 percent level at $ 1.2620.
