Coffee prices have continued to adhere to a bearish trajectory, as they recently closed below the critical resistance level of 167.00. The market then proceeded to witness a new downward movement, touching the 158.35 mark.
Anticipated Price Movement:
The prevailing sentiment suggests that the negative momentum is likely to persist, with expectations of further declines in the near term. The market’s sights are now set on achieving numerous negative milestones, notably moving towards the 153.55 level. A successful breach of this level may lead to a downward move, targeting 148.10 as the next significant support in the bearish trajectory.
Projected Trading Range for Today:
For today’s trading activities, the anticipated price range is expected to fluctuate between the support level at 153.55 and the resistance level at 162.70.
Today’s Market Trend:
The market trend for today remains bearish, with a continuation of the current downward movement anticipated in the coffee price.
