NY coffee may test resistance at $2.2935

SINGAPORE: New York May coffee may test a resistance at $2.2935 per lb, a break above which could lead to a gain to $2.3530.

Based on the strength of the bounce over the past few days, it makes sense to presume a reversal of the downtrend from $2.6045.

A retracement analysis on the trend reveals a target zone of $2.3530-$2.4125.

NY coffee may fall into $2.1260-$2.1485 range

Support is at $2.22, a break below which could cause a fall to $2.1750.

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