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Coffee prices have recently formed a minor bullish channel, reinforcing the positive trend. The price has held steady above the key support level of $293.00, and this has facilitated a strong bullish rally, bringing the price close to the $333.00 resistance level.
With continued positive momentum, the price is likely to breach this barrier, paving the way for further gains. The next target levels are $346.75, followed by the minor channel’s resistance. A breakout above this resistance could signal substantial gains, with potential price targets at $363.20 and $383.10.
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The expected trading range for today is between support at $315.00 and resistance at $364.00.
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Trend Forecast: Bullish
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