New York September coffee ICEUS:KC1! may test a resistance at $2.8440 per lb, a break above which may lead to a gain into $2.9015-$2.9405 range.
A wave c from $2.6015 may have resumed, as suggested by the rise during the previous trading session. This wave could travel to its 100% projection level of $2.9940.
Support is at $2.7520, a break below which could open the way toward $2.6945.
*The coffee report is published twice a week on Tuesday and Thursday.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.
** No information in this analysis should be considered business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.