SINGAPORE: New York July coffee may break support of $1.8630 per lb and drop towards $1.8335 as a bounce from the May 12 low of $1.8060 may have been completed.
The drop from the May 19 high of $1.9440 lasted so long and extended so deep that it strongly suggests the completion of the bounce.
Three small waves make up the bounce, with the wave b having ended at $1.8335, which serves as a target.
Immediate resistance is at $1.8955, a break above which could lead to a gain into the $1.91-$1.9280 range.