SINGAPORE: New York March coffee may retest a resistance at $1.6865 per lb, as the current bounce looks incomplete.

The bounce is against the downtrend from $2.2465.

A retracement analysis reveals a target zone of $1.7070-$1.8100.

The multiple divergences on the hourly RSI indicate a further bounce as well.

The contract seems to be closely observing a set of projection levels on the fall from $2.2465.

Arabica coffee prices slide, sugar and cocoa down

Support is at $1.6015, a break below which could open the way towards $1.5405-$1.5745 range.