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Coffee futures continued their upward momentum on Tuesday, building on recent gains after breaching a key Fibonacci retracement level. Prices surpassed the 23.6% Fibonacci correction mark at 370.60, propelling the commodity into a bullish trading channel and reaching an intraday high of 418.35.
Technical indicators point to the formation of a strong support base around the 393.00 level. This foundation is expected to bolster further bullish attempts, potentially pushing coffee prices toward the 424.00 mark, with sights set on retesting the historical high of 440.45.
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Analysts project the trading range for Wednesday to lie between 395.00 and 424.00, with the prevailing trend outlook remaining firmly bullish.
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