SINGAPORE: New York July coffee may test a support of $1.7105 per lb, a break below which could open the way towards $1.7685.
The contract is riding on a wave C from $1.9470, which is expected to travel to $1.7685, its 100% projection level.
Its attempt to end around $1.8365 seems unsuccessful, as it failed twice to extend a resistance at $1.8790.
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A break above this resistance could lead to a gain into the $1.9050-$1.9210 range.
Source: Brecorder
