NY March coffee may fall to $1.0060

SINGAPORE: New York March coffee is poised to break a support at $1.0185 per lb and fall to the next support at $1.0060.

These supports are identified as the 61.8 percent and the 76.4 percent retracements of the uptrend from $0.9860 to $1.0715. The weak bounce triggered by the support at $1.0185 has been almost reversed. The reversal signals a continuation of the downtrend from $1.0715.

A break above $1.0290, however, could confirm the formation of a bottom around $1.0185, and a bullish target at $1.0390 will be established accordingly.