Tuesday, 04 August 2015 13:41
.2160″ alt=”NY coffee to retest support at .2160″ width=”400″ height=”243″ src=”https://globalrubbermarkets.com/wp-content/uploads/2021/09/ny-coffee-to-retest-support-at-1-2160.jpg”>SINGAPORE: New York September coffee is expected to retest a support at $ 1.2160 per lb, a break below which will lead to a loss to the next support at $ 1.1970.
These supports are provided respectively by the 123.6 percent and the 138.2 percent Fibonacci projection levels of a downward wave c, which is the third wave of a three-wave cycle that developed from the June 10 high of $ 1.41.
This cycle has been developing within a falling channel, the lower channel line of which suggests a target around $ 1.1570. Resistance is at $ 1.2470, the 100 percent level, a break above which could lead to again to the 76.4 percent level at $ 1.2780.
