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New York coffee may retest support at $2.6740

By Reuters News

SINGAPORE, Nov 12 (Reuters) - New York December coffee may retest a support at $2.6740 per lb, a break below which could open the way towards the $2.6190-$2.6475 range.

A wave c from $2.8440 has briefly travelled below its 86.4% projection level of $2.6740. It is highly likely to extend to the 100% level of $2.6475.

Resistance is at $2.7225, a break above which could lead to a gain into the $2.7455-$2.7690 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. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.

** 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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