Monday, 31 August 2015 12:41
.2180″ alt=”NY coffee may fall to .2180″ width=”400″ height=”229″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/ny-coffee-may-fall-to-1-2180.jpg”>SINGAPORE: New York December coffee may break a support at $ 1.2350 per lb and fall towards the next support at $ 1.2180, as it failed to break a resistance at $ 1.2550.
These supports and the resistance are identified respectively as the 14.6 percent, the 7 percent and the 23.6 percent Fibonacci retracements on the fall from the Aug. 14 high of $ 1.4260 to the Aug. 26 low of $ 1.2025.
A drop to $ 1.2285 could confirm both a break below $ 1.2350 and the target at $ 1.2180, while a break above $ 1.2550 will open the way towards the 38.2 percent level at $ 1.2880.
