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NY coffee may fall to $1

NY coffee may fall to $1.0835

Thu Oct 11 2018

 

New York December coffee may fall to $1.0835 per lb as it has failed to break a resistance at $1.1360.

 

The failure marks the end of a five-wave cycle from $0.9510. The bearish divergence on the hourly RSI confirms the completion.

 

Even though this five-wave cycle looks promising to develop into a medium-term uptrend, it may be deeply reversed first. The current correction is expected to extend to $1.0580 or $0.9660, respectively, the 50 percent and the 7 percent retracements of the downtrend from $1.1650 to $0.9510.

 

A break above $1.1360 could lead to a gain to $1.1650.

 

Source: Reuters

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