SINGAPORE: New York coffee could rise into a range of $2.2255-$2.2375, as it has pierced a resistance zone of $2.1820-$2.1905 per lb.
The contract is expected to break the resistance at $2.1820, after two failures on July 20 and July 21.
A break could open the way towards $2.2375.
NY coffee may retest resistance at $2.0985
The current rise is driven by a wave c, which has briefly travelled above $2.1905, its 61.8% projection level.
Chances are this wave will extend to $2.2820. A break below $2.1620 could be followed by a drop to $2.1335.