OREANDA-NEWS. March 16, 2015. New York May coffee is expected to test support at 1.2855 per lb, a break below which will lead to a further loss to \\$1.1930.

The support is provided by the 86.4 percent Fibonacci projection level of a downward wave c, the third of a three-wave cycle that developed from the Oct. 13, 2014 high of \\$2.31. The next support will be at \\$1.1930, the 100 percent level. A drop to \\$1.2750 may confirm a break below \\$1.2855.

Resistance is at \\$1.3540, the 76.4 percent projection level, a break above which could lead to a further gain to \\$1.4530, the 61.8 percent level.