SINGAPORE: New York coffee could test support at $2.1265 per lb, a break below which may open the way towards $2.0870.
The rise from $2.2030 adopted a three-wave mode, with the second wave labelled b having ended around $2.0870.
Over the past few days, coffee may fall towards this wave b bottom.
Coffee demand up but not yet percolating at pre-pandemic levels
Resistance is at $2.19, a break above which may lead to a gain into the $2.2295-$2.2540 range.