SINGAPORE: New York March coffee has found a support at $1.0185 per lb and it may hover above this level or rise to $1.0390.
The support is provided by the 61.8 percent retracement of the uptrend from $0.9860 to $1.0715. It is strengthened by a similar one established by a rising trendline.
Even though it is not very clear how strong the bounce triggered by the support will be, a consolidation above $1.0185 may be highly likely.
A break below $1.0185 could cause a loss to $1.0060.
Note: Coffee report is published twice a week - Tuesday and Thursday.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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