SINGAPORE: New York December coffee may gain more to $1.2290 per lb as it has broken a resistance at $1.1760.
The resistance was provided by the 61.8 percent retracement of the downtrend from $1.3150 to $0.9510. The next resistance will be at $1.2290, a break above which could lead to a further gain to $1.2655.
Another retracement analysis on the daily chart reveals a resistance at $1.1980, the 38.2 percent level, which may trigger a pullback towards a falling trendline.
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Source: Brecorder
