SINGAPORE: New York March coffee is expected to test a resistance at $1.7585 per lb, a break above which will lead to a further gain to $1.8075.
The resistance is identified as the 38.2 percent Fibonacci retracement on the fall from the Nov. 19, 2014 high of $2.0135 to the Jan. 5 low of $1.6010, blocking the way towards the 50 percent level at $1.8075.
Chances are very high for the resistance to be broken, as the current rebound has lasted for two days and may continue for another day. A drop to $1.7175 could be extended to $1.6985, the 23.6 percent retracement.
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