New York coffee to revisit Feb. 22 high at $2.7840/lb

SINGAPORE: New York coffee is expected to revisit Feb. 22 high at $2.7840, as a correction from this level could have completed.

The correction narrowly missed an anticipated depth at $2.5935, the 38.2 percent Fibonacci retracement on a five-wave rise from $2.2850 to $2.7840, and the immediate recovery of the price later on indicates the uptrend could have resumed.

Support is at the wave "c" trough of $2.6210, a fall below which will confirm a further retracement towards $2.5345, the 50 percent Fibonacci level.