Coffee price collapses – Forecast today – 7-5-2024

Expected Scenarios and Trading Range

Scenario 1: Strong Negative Pressure

• Coffee price fails to sustain above the bullish channel’s resistance line at 227.90.
• New contracts open with strong negativity, resulting in a strong negative attack towards the MA55 at 194.70.

Scenario 2: Bearish Momentum

• Frequent stability observed below the additional barrier at 210.80.
• Continuous negative momentum supported by stochastic indicators.
• Bearish scenario expected for near-term and medium-term trades, with potential losses extending towards 186.45 and 177.10 levels.

Trading Range

Expected range for today: 204.20 - 186.45

Trend forecast: Bearish