TECHNICALS-New York coffee may test resistance at $2.8480
SINGAPORE, May 12 (Reuters) - New York July coffee KCN6 may test resistance at $2.8480 per lb, a break above which could open the way toward $2.8770-$2.9135 range.
The strong reaction of the market to the support at $2.6875 suggests a reversal of the downtrend from $2.9720. A channel technique reveals a target of $2.8770.
Support is at $2.7820, a break below which may trigger a fall into $2.7232-$2.7535 range.
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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