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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