SINGAPORE: New York September coffee may end its fall around a support at $0.94 per lb, as suggested by its wave pattern and a projection analysis.
The support is identified as the 161.8% projection level of a downward wave (c) from $1.1065. It is strengthened by another one at $0.9355, the 86.4% retracement of the uptrend from $0.9005 to $1.1565.
The bullish divergence on the hourly MACD suggests an exhaustion of the downtrend. A decent bounce is due. A break below $0.9355 may open the way towards $0.9005.
Note: Coffee report is published 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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