SINGAPORE: New York December coffee still targets $2.3090 per lb, as suggested by a projection analysis and a falling trendline.
The contract has briefly pierced below a support at $2.3475 a few times.
This support looks vulnerable under repeated attacks by bears.
The trendline falling from the Feb. 10 high of $2.5340 points at $2.3090, which is suggested by a narrow channel as well.
Resistance is at $2.3715, a break above which may lead to a gain into $2.41-$2.4410 range.