SINGAPORE: New York March coffee is biased to break a support at $1.0235 per lb and fall to the next support at $1.0030.
These supports are identified respectively as the 161.8 percent and the 176.4 percent projection levels of a downward wave (c) from $1.25.
Despite the bullish divergence on the hourly RSI, coffee failed to clear a resistance at $1.04. The bounce triggered by the support at $1.0235 was so weak that it suggests a strong bearish momentum.
A break above $1.04 could lead to a gain to $1.0565.