SINGAPORE: New York March coffee is poised to break a support at $1.0185 per lb and fall to the next support at $1.0060.
These supports are identified as the 61.8 percent and the 76.4 percent retracements of the uptrend from $0.9860 to $1.0715. The weak bounce triggered by the support at $1.0185 has been almost reversed. The reversal signals a continuation of the downtrend from $1.0715.
A break above $1.0290, however, could confirm the formation of a bottom around $1.0185, and a bullish target at $1.0390 will be established accordingly.
Note: Coffee report is published twice a week - Tuesday and Thursday.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. 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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