(MENAFN - FxPro)
• Coffee reversed from support level 120,00
• Likely to rise to resistance level 128,70
Coffee recently reversed up from the key support level 120,00, standing near the lower daily Bollinger Band and the 38,2% Fibonacci correction of the previous sharp upward impulse from November.
The upward reversal from the support level 120,00 started the active short-term corrective wave (ii).
Coffee can be expected to rise further toward the next resistance level 128,70 (target price for the completion of the active corrective wave (ii)).\
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