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NY coffee to correct more to $2.6150/lb
SINGAPORE : New York coffee will correct more to $2.6150 per lb, as a correction that started at the Monday high of $2
SINGAPORE: New York coffee will correct more to $2.6150 per lb, as a correction that started at the Monday high of $2.7325 has not finished.
The correction touched a low of $2.6650, which is still above $2.66, the 23.6 percent Fibonacci retracement on a five-wave rise from $2.4250 to $2.7325.
But the bearish divergence on the RSI indicator needs to be discounted further with a decline to $2.6150, the 38.2 percent level.
A rise above $2.7190 will extend to $2.7675, a high touched on June 3.
Copyright Reuters, 2011
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