New York coffee may retest resistance at $3.1945

SINGAPORE, Oct 22 (Reuters) - New York December coffee may retest resistance at $3.1945 per lb, a break above which could lead to a gain into a $3.2180 to $3.2415 range.

The contract pierced above a lower resistance at $3.1655 again, after failing three times to overcome this barrier. Its persistence indicates a steady uptrend which may eventually extend to $3.2415, the 161.8% projection level of a wave c from $2.9195.

Immediate support is at $3.1475, a break below which may trigger a fall into a $3.0915 to $3.1185 range.

* The coffee report is published twice a week on Tuesday and Thursday.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.

** No information in this analysis should be considered business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.​