Coffee contracts’ price ended the correctional bullish rally by testing the bullish channel’s resistance at 125.40, to form solid obstacle against forming new bullish bias, noticing that the price formed new negative attack to settle below 114.50, to increase the chances of resuming the negative attempts in the upcoming period.
Also, stochastic release from the oversold areas supports the continuation of the negativity by providing new negative momentum and allows us to wait to target 106.70 followed by 101.30 levels in the upcoming period.
Expected trading range for today is between 116.40 and 106.70
Expected trend for today: Bearish