Coffee prices have shown consolidation within a bullish channel recently, but the ongoing stability below the 262.60 resistance level continues to reinforce a correctional bearish trend. This pressure has led the price to inch closer to the 252.00 mark.
Furthermore, the stochastic oscillator’s move out of the overbought territory is likely to add negative momentum, increasing the chances of further downward movement. As a result, we anticipate additional correctional bearish attempts, potentially pushing prices toward 249.00, with the next significant support target at 243.00.
Expected Trading Range for Today: 249.00 – 258.00
Trend Forecast: Bearish
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