NY coffee may rise into $1.8840-$1.9130 range

SINGAPORE: New York July coffee may break a resistance at $1.8660 per lb, and rise into a range of $1.8840-$1.9130.

The drop from the June 2 high of $1.8780 has been almost reversed.

The reversal suggests an extension of the uptrend from $1.7905, which is riding on a wave c.

Given that the contract is retesting the resistance after its failure on Wednesday, it has a better chance of overcoming this barrier and rising into $1.8840-$1.9130 range.

NY coffee may retest support $1.7940

Immediate support is at $1.8520, a break below which could open the way towards $1.8195-$1.7375 range.