London, Sept 15: Liffe coffee needs to close above the peak of last week's rally to signal that it is resuming its recent uptrend, technical analysts said.Traders called it to open $15 lower. Susan Rigg, technical analyst at Chart Analysis, said November coffee needed to close above $1,703 (per tonne), the peak it reached on September 9 after a four-week rally, to show it was resuming the uptrend.
It has plunged to $1,600 in three days trading since then. Rigg said coffee had good support between $1,550 and $1,600 but if it went through that it would then be looking again at $1,500, its late July trough.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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