Coffee contracts price tests the support – Analysis – 23-10-2020
Economies.com
2020-10-23 08:10AM UTC
Coffee contracts price formed sharp bearish correction affected by the negativity of the moving average 55 by forming barrier near 111.20, besides stochastic reach to the oversold areas, to notice reaching 102.80 to test the key support that appears on the chart.
The upcoming scenario depends on the strength of the mentioned support, to expect renewing the bullish attempts and move towards 109.40 followed by repeating the pressure on the moving average 55 in order to find an exit to resume the positivity.
The expected trading range for today is between 102.50 and 109.00
The expected trend for today: Bullish
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