Monday, 20 July 2015 14:36
.2620″ alt=”NY coffee to drop to .2620″ 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 drop to $ 1.2620 per lb as it has cleared support at $ 1.2775.
Support was provided by the 23.6 percent Fibonacci retracement on the fall from the June 10 high of $ 1.41 to the July 7 low of $ 1.2365.
The next support will be at $ 1.2620, the 14.6 percent level, a break below which will open the way towards $ 1.2365.
The target at $ 1.2620 will be temporarily aborted should coffee rise to $ 1.2840, as this rise could most likely be extended to $ 1.3030, the 38.2 percent level.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.