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imageSINGAPORE: New York March coffee is expected to test a resistance at $1.7585 per lb, a break above which will lead to a further gain to $1.8075.

The resistance is identified as the 38.2 percent Fibonacci retracement on the fall from the Nov. 19, 2014 high of $2.0135 to the Jan. 5 low of $1.6010, blocking the way towards the 50 percent level at $1.8075.

Chances are very high for the resistance to be broken, as the current rebound has lasted for two days and may continue for another day. A drop to $1.7175 could be extended to $1.6985, the 23.6 percent retracement.

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.

Copyright Reuters, 2014

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