SINGAPORE: New York May coffee is due for a decent bounce as suggested by its a projection analysis and the bullish divergence on the hourly MACD.
The contract seems to have lost its bearish momentum around a support at $1.1675, the 100 percent projection level of a downward wave C.
The bullish divergence further confirms an exhaustion of the downtrend. It is highly likely that coffee is poised for a good bounce.
Resistance is at $1.1830, a break above which could lead to a gain into the range of $1.1945-$1.2110, while a further drop could be limited to $1.1510.
Note: Coffee report will be provided twice a week – Tuesday and Thursday.
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.
Source: Brecorder
