Coffee futuristic contracts repeats testing the support – Analysis – 29-09-2020

Coffee price remains affected by the repeated negative pressures, to reach the critical support at 107.90, the stability of the current support sustains our bullish suggestion that targets 1140.00 level initially, reaching to 119.00 as it forms 23.6% Fibonacci correction level.

the continuation of facing negative pressures and reaching below the current support confirms regaining the bearish bias by its stability within the bearish channel’s levels, which makes us prefer forming strong negative trading that might push it to reach 104.60 and 98.40.

The expected trading range for today is between 810.00 and 915.00

The expected trend for today: Bullish