SINGAPORE: New York May coffee may slide into a range of $0.9295-$0.9375 per lb, as suggested by a projection analysis and a falling channel.
The range is formed by the 314.6 percent and the 300 percent projection levels of a downtrend from the Feb. 1 high of $1.1010.
Currently, the trend is developing within a falling channel, which suggests the target range as well. Resistance is at $0.9505, a break above which could lead to a gain to $0.9585.
Note: Coffee report is published twice a week - Tuesday and Thursday.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
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