NY coffee faces resistance at $1.1705

SINGAPORE: New York March coffee faces resistance at $1.1705 per lb, a break above which could lead to a gain to the next resistance at $1.1895.

These resistances are identified respectively as the 38.2 percent and the 50 percent Fibonacci retracements on the fall from the Dec. 31, 2015 high of $1.2680 to the Jan. 20 low of $1.1105. A rise to $1.1760 could confirm a break above $1.1705.

A drop to $1.1560 could signal coffee's failure to break $1.1705, and the 23.6 percent retracement at $1.1475 may be approached.