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

Coffee contracts price was forced to provide some correctional positive trades recently, affected by stochastic exit from the oversold areas, but its stability below the main resistance at 122.75 confirms the continuation of the negativity for the upcoming period, which might target 106.00 followed by reaching 101.15.

We notice the moving average 55 bearish crawl to approach the mentioned resistance, reinforcing the negative expectations by confirming blocking the price within the bearish range and provide additional negative momentum for now.

Expected trading range for today is between 111.20 and 106.00

Expected trend for today: Bearish