NY coffee may retest $2.4895; bullish flag confirmed

SINGAPORE: New York March coffee may retest a resistance at $2.4895 per lb, a break above could lead to a gain to $2.5525.

A bullish wedge and a flag developing from the Nov. 9 low of $2.0145 have been confirmed, both of which suggest a target of $2.5525.

Simply based on the flag, coffee may travel far above $2.5525.

Support is at $2.4260, a break below which could cause a fall to $2.3865.

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.