SINGAPORE: New York March coffee may drop more into a range of $2.2520-2.2835 per lb, as suggested by a double-top and a projection analysis.

The pattern has been confirmed, suggesting a target of $2.2520. The current drop looks like a continuation of the downtrend from the Dec. 7, 2021 high of $2.5235.

Under this scenario, coffee may eventually drop below $2.2055. Resistance is at $2.35, a break above which may lead to a gain into $2.3865-$2.4055 range.

Sugar, coffee, cocoa fall on heightened geopolitical risk

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.