Coffee contracts price forms new bearish channel – Analysis – 26-9-2018

Coffee contracts price formed new bearish channel to renew the previously suggested negative attempts, while we will depend on the stability of the main resistance at 99.33 to confirm the preparation to record new negative targets by moving towards 94.90 followed by 90.75 level that forms the first main target of the bearish bias.

The consolidation of the moving average 55 below the bearish channel’s resistance confirms blocking the price within the negative range to agree stochastic attempt to decline below 50 level to provide additional negative momentum now.

Expected trading range for today is between 98.35 and 94.90

Expected trend for today: Bearish