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.

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.

Courtesy: Reuters

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