Coffee price surrendered to the domination of the correctional bearish bias by declining below 233.60 level that formed the neckline of the head and shoulders’ pattern that appears on the chart, suffering clear losses by reaching 228.70.
The current negative stability below the moving average 55 and stochastic reach to the oversold areas form factors that confirm the domination of the correctional bearish bias domination, to expect resuming the decline in order to reach 218.00 followed by attempting to test the bullish channel’s support line at 214.00.
The expected trading range for today is between 230.00 and 214.00
The expected trend for today: Bearish