Coffee price fails to surpass the barrier – Analysis – 24-1-2022

Coffee price provided new negative close below the additional barrier at 247.80, to hinder the bullish rally and form negative rebound towards the initial support 236.00.

Note that there is a chance to resume the correctional negative attempts due to stochastic approach to 20 level, to expect crawling towards 233.25 level soon followed by pressing on the minor bullish channel’s support line at 229.30.

The expected trading range for today is between 243.00 and 233.25

The expected trend for today: Bearish