TECHNICALS-New York coffee may test support at $2.8185
SINGAPORE, May 7 (Reuters) - New York July coffee KCN6 may test support at $2.8185 per lb, a break below which could open the way toward the $2.7575 to $2.7820 range.
A wave c from $2.9720 travels close to its 61.8% projection level of $2.8185 again, which is near the bottom of the wave a. Most likely, the market would experience a bounce before breaking $2.8185 and falling toward $2.7575-$2.7820 range.
A break above $2.8480 may lead to a gain to $2.8770.
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.
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.
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