NY coffee may retest resistance at $2.35

SINGAPORE: New York March coffee may retest a resistance at $2.35 per lb, a break above which could lead to a gain into $$2.3865-$2.4260 range.

A correction from the Dec. 7, 2021 high of $2.5235 has completed, as confirmed by its five-wave structure and the strong rise on Wednesday. The uptrend may have resumed towards this high.

Support is at $2.2835, a break below which could cause a fall into a support zone from $2.2205 to $2.2520.

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