NY coffee may test support of $2.1140

SINGAPORE: New York coffee may test a support of $2.1140 per lb, a break below which could cause a fall to $2.0780.

The contract is riding on a wave C from $2.3605, which could travel to $2.1140, its 100% projection level, or extend much below this level.

The extension will be confirmed when coffee braek the support at $2.1140 which is enforced by a similar one of $2.1170.

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Resistance is at $2.1475, a break above which could lead to a gain to $2.1720.