SINGAPORE: New York December coffee may test a resistance at $2.3090 per lb, a break above which could lead to a gain to $2.3475.
The rise on Wednesday suggests an extension of the bounce from the Sept. 19 low of $2.1085.
Five waves make up the bounce.
They unfold one by one within a rising channel. The wave e could be travelling towards $2.3475.
A break below $2.2465 may open the way towards $2.1770-$2.2080 range.
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