SINGAPORE: New York December coffee may break a support at $2.1460 per lb and fall into $2.0450-$2.1075 range.
The deep drop from the Aug. 25 high of $2.4295 confirmed a reversal of the uptrend from the July 15 low of $1.9230.
The contract is expected to first slide towards $2.0450, the bottom of a presumed wave B.
Before dropping, coffee may bounce moderately to $2.1770. A fall to $2.14 could confirm a break below $2.1460.