NY coffee to test resistance at $1.4375

SINGAPORE: New York Sept. coffee is expected to test a resistance at $1.4375 per lb, a break above which could lead to a gain to the next resistance at $1.4590.

These resistances are identified respectively as the 38.2 percent and the 50 percent Fibonacci retracements on the fall from the July 15 high of $1.5480 to the Aug. 4 low of $1.3695. A break above $1.4375 could confirm a reversal of the downtrend from $1.5480.

Support is at $1.4115, the 23.6 percent level, a break below which could cause a loss to the 14.6 percent level at $1.3955.