NY coffee to rise into $2.5525-$2.5920 range; uptrend confirmed

SINGAPORE: New York March coffee is expected to rise into a range of $2.5525-$2.5920 per lb, as it has broken a resistance at $2.4895.

The contract touched a high of $2.5085 on Monday which is higher than the Nov. 24 high of $2.4820.

Such a relation confirms the uptrend.

Based on the depth of the correction from $2.4820, coffee may rise far above $2.5920. Support is at $2.45, a break below which may be followed by a drop 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.