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New York July coffee may retrace to $1.0025, as it failed to break a resistance at $1.0535 per lb.
The resistance is identified as the 38.2 per cent retracement of the downtrend from $1.3405 to $0.8760. A five-wave cycle from the May 23 low of $0.9020 has completed around this resistance as well. Coffee could be retracing towards $0.9855.
However, this target looks a bit far away. Another retracement analysis on the downtrend from $1.1285 to $0.8760 reveals a higher target at $1.0025, the 50 per cent level.
A break above $1.0535 could open the way towards $1.1085.
(No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.)
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