SINGAPORE: New York May coffee may break a support at $1.6875 per lb, and fall to $1.6570. The contract is riding on a fierce wave 3, which is expected to travel to $1.6570, its 161.8% projection level.
The successive drops over the past few days visualise the strong bearish momentum.
The pattern between Feb. 1 and March 27 looks like a head-and-shoulders, which has been confirmed, suggesting a target of $1.51.
Immediate resistance is at $1.7065, a break above which could lead to a gain to $1.7255.