SINGAPORE, March 19 (Reuters) - New York coffee KCc2 could bounce to $3.2130 per lb in the second quarter, having found support around $2.8775.

The contract failed to break this support at its first attempt in January 2025, even though it touched a low of $2.7710.

The consolidation around $2.8775 suggests a second failure, which could be followed by either a pullback toward $3.2130 or a stronger rally toward $3.6280.

A resumption of the uptrend remains the least preferred scenario unless the market breaks above $3.6280. The contract is more likely to rebound toward $3.2130 before resuming its downtrend, as a rising trendline has been violated.

The violation confirms a reversal of the uptrend from $1.4550. On the daily chart, a projection analysis based on two starting points, $4.2410 and $4.1485, indicated two nearly identical support levels, at $2.7245 and $2.73, respectively.

Either of these support levels could be strong enough to trigger a decent rebound. A retracement analysis of the downtrend from $4.4185 identified a target zone of $3.0860 to $3.2890, formed by the 23.6% and the 38.2% levels, encompassing $2.3210 on the weekly chart.

Immediate support is at $2.8550, a break below which could trigger a fall into the $2.5030 to $2.7245 range.

* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

** No information in this analysis should be considered as being business, financial or legal advice. 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.

(Reporting by Wang Tao; Editing by Diti Pujara)

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