Today, on June 11, 2024, the price of coffee encountered resistance at the 236.40 level, failing to initiate a rally beyond it. Subsequently, corrective bearish movements ensued, leading to a touch at the 219.00 level, where the price settled.
Persistent fluctuations below the current resistance line, coupled with stochastic indicators signaling negative momentum, reinforce the prevalence of a correctional bearish bias. Analysts anticipate the possibility of further losses, with potential extensions towards 210.50 and 203.00.
Expected Trading Range
Market expectations suggest a trading range between the support level of 228.00 and the resistance level of 211.00.
Trend Forecast
The prevailing trend forecast for coffee remains bearish, contingent upon market dynamics and future price movements.
