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New York coffee may retest resistance at $1.0195 per lb

Thu Feb 13 2020

 

New York March coffee may retest a resistance at $1.0195 per lb, a break above which could lead to a gain to $1.0370.

 

The resistance is identified as the 186.4pc projection level of a downward wave c from $1.3465.

 

The rise from the Feb. 6 low of $0.9740 consists of five waves. So far, only four have unfolded. The fifth wave may travel to $1.0195.

 

Support is at $0.9955, a break below which could open the way towards the range of $0.97-$0.9830.

 

Source: Reuters

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