SINGAPORE: New York May coffee may test a support at $1.3125 per lb, a break below which could cause a fall to $1.2910.

An uptrend from $1.2210 has reversed, as confirmed by a break below a rising trendline. The trend may have been driven by a wave C, the third wave of a three-wave cycle from Jan. 11 low of $1.2085.

Based on this wave count, cocoa may revisit the low of $1.2210. A realistic target could be $1.2910. Resistance is at $1.3345, a break above which could lead to a gain to $1.3610.

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.