NY coffee may retest $2.3865; bullish triangle taking shape

SINGAPORE: New York March coffee may retest a resistance at $2.3865 per lb, a break above which could lead to a gain to $2.4260-$2.4895 range.

The consolidation triggered by this barrier is being shaped into a bullish triangle, which could be a part of a bigger pennant developing from the Nov. 9 low of $2.0145.

Support is at $2.2835, a break below which could cause a fall into $2.1810-$2.2205 range.

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