SINGAPORE: New York March coffee may retest a resistance at $1.6865 per lb, as the current bounce looks incomplete.
The bounce is against the downtrend from $2.2465.
A retracement analysis reveals a target zone of $1.7070-$1.8100.
The multiple divergences on the hourly RSI indicate a further bounce as well.
The contract seems to be closely observing a set of projection levels on the fall from $2.2465.
Arabica coffee prices slide, sugar and cocoa down
Support is at $1.6015, a break below which could open the way towards $1.5405-$1.5745 range.
Source: Brecorder
