SINGAPORE: New York December coffee may break a support at $1.1765 per lb, and fall into a range of $1.1345-$1.1575.
The support is provided by the 50 percent retracement on the uptrend from $1.0975 to $1.2550. Coffee has broken a rising trendline. The break signals a reversal of the uptrend from $0.9510.
A bounce from the current level will be regarded as a pullback towards the trendline, which may be limited to $1.1950. On the daily chart, coffee has broken a support at $1.1980. It is heading towards $1.1035, the 23.6 percent retracement on the downtrend from $1.5975 to $0.9510.
Note: Coffee report will be provided twice a week – Tuesday and Thursday.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.
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Source: Brecorder
