SINGAPORE: New York May coffee may retest a support at 1.77 per lb, a break below which could open the way towards $1.6565-$1.7265 range.

The contract is falling within a channel, which points at a target of $1.7265.

A double-zigzag is developing within the channel, which consists of seven small waves.

The wave second c is yet to develop. It is supposed to travel to $1.7265.

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Resistance is at $1.84, a break above which could lead to a gain into $1.8735-$1.9055 range.