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SINGAPORE: New York May coffee may test a support at $1.7265 per lb, a break below which could open the way towards $1.6565.
The contract is falling within a channel, which points at a target zone of $1.6565-$1.7265.
A double-zigzag is developing within the channel, which consists of seven small waves.
The seventh wave, the wave c, is unfolding. It could at least travel to $1.7265.
Vietnam Feb coffee exports up 40.3% m/m to 200,056 tonnes
Resistance is at $1.8065, a break above which could lead to a gain into the $1.84-$1.8735 range.
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