Coffee contracts’ price keeps the negativity – Analysis – 23-1-2019

Coffee contracts price repeated providing negative closings below 107.45 level, to form additional resistance against the negative attempts and notice forming negative wave now to reach 102.90 level, while the price consolidation within the bearish channel allows us to wait to gather new negative momentum to target 99.20 followed by 95.15 levels.

Stochastic contradiction above 50 level might force the price to provide some sideways trading until forming bearish wave to ease the attempt to gather the required negative momentum to resume the main bearish attack.

Expected trading range for today is between 105.60 and 99.20

Expected trend for today: Bearish