Coffee prices have regained their bullish bias, capitalizing on a stochastic rally into overbought territory. The market has formed a strong bullish rally and managed to surpass the previously broken bullish channel’s support line at 166.70. This successful move places coffee prices back within the bullish channel, with additional gains recorded, bringing the price to 170.50.
To maintain the bullish outlook, it is crucial for coffee prices to remain above the bullish channel’s support line. This will enhance the prospects of further bullish momentum, with the next target being the MA55 at 175.60. If this level is breached, the price is expected to advance towards 183.30, marking the next station for bullish trades.
The anticipated trading range for the day is between 168.50 and 175.60.
Today’s expected trend: Bullish
