The coffee market experienced a brief corrective bearish wave recently due to negative pressures, as indicated by the stochastic oscillator dropping below the 50 level. This led to a decline towards 230.00, followed by a rebound with positive momentum, bringing prices back near 239.10.
Despite the recent pullback, the price remains within the bullish channel, supported by the solid 223.40 level. This technical setup suggests a continuation of the bullish trend, with an expected push towards the 244.45 resistance level. Surpassing this barrier could lead to significant gains, potentially extending towards 255.40 and 263.40 in the near to medium term.
The expected trading range for today is between 232.20 and 244.45.
Trend Forecast: Bullish
Related topics: