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SINGAPORE: New York March coffee may retest a support at $2.2205 per lb, a break below which could cause fall into $2.1570-$2.1810 range.
The contract has briefly pierced below $2.2125, the 100% projection level of a downtrend from $2.4160.
Chances are this trend could extend into $2.1350-$2.1645 range.
The trend has been well controlled by a set of projection levels on the rise from $1.8485.
The support at $2.2205 triggered a moderate bounce which may end around $2.2520.
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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