NY coffee still targets $2.20/lb

SINGAPORE: A bearish target at $2.20 per lb remains intact for New York coffee as indicated by both its wave pattern and a falling channel.

The contract is now riding on a wave "A", as part of a triple-zigzag pattern within a falling channel, and the lower channel line is pointing to $2.20, a fall below which will extend to $2.15.

A rebound from the current level is likely to be capped at $2.3070.

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