SINGAPORE: New York December coffee may rise into the $2.2465-$2.2730 range, as it has broken resistance at $2.2080.
The rise on Monday was so strong that it confirmed a reversal of the downtrend from $2.4295.
The nature of the rise remains unknown.
It can be classified as a continuation of the uptrend or a bounce against the downtrend.
A break below $2.2080, now a support, may be followed by a drop into $2.1460-$2.1770 range.