SINGAPORE: New York March coffee could test a support at $2.3550 per lb, a break below which would open the way towards the $2.2980 to $2.3265 range.

The fluctuation is confined in a narrow range of $2.2980-$2.4120. Most likely, coffee could fall towards $2.2980, as the drop from $2.4475 may consist of three waves. The wave c is unfolding.

A break above $2.4120 could lead to a gain to $2.4475.

As suggested by a double-top and a projection analysis.

Arabica coffee regains ground, raw sugar weakens

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 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.

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.