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The support and the resistance are identified respectively as the 76.4 percent and the 50 percent projection levels of a downward wave C, the third wave of a three-wave cycle from $1.3350.
Following its failure to overcome the barrier at $1.2245, coffee pierced below the nearest support at $1.2110. Chances are it may drop more to $1.1945, as the rally from the Feb. 22 low of $1.1855 looks like a bounce.
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