New York coffee may retest resistance at $1.2155

• The resistance is identified as the 50pc retracement of the downtrend from $1.3065 to $1.1240.
• Coffee found a solid support at $1.1670, following its two failures to break below this level.

SINGAPORE: New York May coffee may retest a resistance at $1.2155 per lb, a break above which could lead to a gain to $1.2370.

The resistance is identified as the 50pc retracement of the downtrend from $1.3065 to $1.1240. Coffee found a solid support at $1.1670, following its two failures to break below this level.

A bottom could have formed around $1.1670 and the rise from $1.1240 may resume. A break below $1.1670 could cause a fall into $1.1370-$1.1505 range.