Friday, 13 March 2015 12:19
.2855″ alt=”NY coffee to test support at .2855″ width=”400″ height=”276″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/arabica-coffee-edges-up-from-1-12-year-low-cocoa-firms.jpg”>SINGAPORE: New York May coffee is expected to test support at 1.2855 per lb, a break below which will lead to a further loss to $ 1.1930.
The support is provided by the 86.4 percent Fibonacci projection level of a downward wave c, the third of a three-wave cycle that developed from the Oct. 13, 2014 high of $ 2.31. The next support will be at $ 1.1930, the 100 percent level. A drop to $ 1.2750 may confirm a break below $ 1.2855.
Resistance is at $ 1.3540, the 76.4 percent projection level, a break above which could lead to a further gain to $ 1.4530, the 61.8 percent level.
Copyright Reuters, 2015
