Coffee contracts keeps the negativity – Analysis – 3-8-2018

Coffee contracts price confirmed keeping the bearish bias domination by providing plenty of negative closings below the key resistance 113.30, recording the first targets by reaching 106.00, while the stability of the moving average 55 above the current price increases the negative pressure to allow us to suggest more negative attempts that target 101.15 level mainly, followed by negotiating the psychological barrier at 100.00.

Also, we notice stochastic crawl towards the oversold areas to provide additional negative momentum and increases the chances of moving towards the suggested negative levels.

Expected trading range for today is between 107.50 and 101.15

Expected trend for today: Bearish