Coffee Wave Analysis – 28 October, 2019

• Coffee reversed from support area
• Likely to rise to 104.70

Coffee previously reversed up sharply from the support area lying between round level 90.00 (which also reversed the price in May) and the lower daily Bollinger Band.

The reversal from this support area stopped the previous impulse waves (iii) and 3 of the medium-term impulse wave (3) from May.

Coffee is expected to rise further and retest the next resistance level 104.70 (target price for the completion of the active impulse wave 3).