NY coffee to retrace to $1.7505
By Shoaib-ur-Rehman Siddiqui
SINGAPORE, 13 September 2012: New York December coffee will retrace to $1.7505 per lb as it failed to break a resistance of $1.7940 at its second attempt.
The resistance is at the 61.8 percent Fibonacci retracement on the fall from $1.9355 to $1.5655, and has triggered a three-wave correction towards the 50 percent level at $1.7505.
So far only two waves have completed, the third wave – the wave c, will drive the price down to $1.7505 again.
A rise above $1.80 will confirm a resumption of the uptrend towards $1.8480, the 76.4 percent level.
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