Friday, 06 November 2015 15:57
.2345-.2440 range” alt=”NY coffee may rise into .2345-.2440 range” width=”600″ height=”294″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/ny-coffee-may-rise-into-1-2345-1-2440-range.jpg”>SINGAPORE: New York December coffee may break a resistance at $ 1.2210 per lb, and rise into a range of $ 1.2345-$ 1.2440.
The resistance is provided by the 76.4 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the Oct. 26 low of $ 1.1630.
A break above this resistance could open the way towards $ 1.2345, the 100 percent level. Theoretically, a rise to this level could be extended to $ 1.2440, the 38.2 percent Fibonacci retracement on the downtrend from the Oct. 14 high of $ 1.3750 to $ 1.1630.
Support is at $ 1.1940, the 14.6 percent level, a break below which could cause a loss to the 7 percent level at $ 1.1780.-
