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New York coffee may test support at $0.97

The support is identified as the 214.6pc projection level of a downward wave c from $1.3465. The contract may
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By Reuters
  • The support is identified as the 214.6pc projection level of a downward wave c from $1.3465.
  • The contract may extend its loss to any level above $0.9285.

SINGAPORE: New York March coffee may test a support at $0.97 per lb, a break below which could cause a fall to $0.9540.

The support is identified as the 214.6pc projection level of a downward wave c from $1.3465.

Until now, there has not been any confirmed bullish reversal signal.

The contract may extend its loss to any level above $0.9285.

Resistance is at $0.9955, a break above which could lead to a gain to $1.0195.

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