New York September coffee ICEUS:KC1! may test support at $3.4370 per lb, a break below which could open the way toward $3.3540.
A five-wave cycle from $3.0040 seems to have ended at $3.5705. A retracement analysis on the cycle reveals a target at $3.3540.
On the hourly chart, a projection analysis on the uptrend from $3.6020 reveals a resistance at $3.5350, the 238.2% level, which temporarily stopped the rise and triggered a correction.
The uptrend is expected to resume upon the completion of the correction.
*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 - 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.