Friday, 31 July 2015 15:19
.2650″ alt=”NY coffee may rise more to .2650″ 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 may rise more to $ 1.2650 per lb, as it has broken a resistance at $ 1.2470.
The resistance was provided by the 100 percent Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle that developed from the June 10 high of $ 1.41.
The next resistance is at $ 1.2650, the 86.4 percent level, which could limit the current bounce. A drop to $ 1.2405 could signal the completion of the rebound and the 114.6 percent level at $ 1.2280 will be targeted then.
