Coffee contracts’ price hits the resistance – Analysis – 3-7-2019

Coffee contracts’ price ended its correctional bullish rally by facing the bullish channel’s resistance at 112.50, to form solid barrier against the bullish attempts, while the stability of this resistance confirms the continuous consolidation within the bearish channel to increase the chances of declining to target 104.45 followed by reaching the moving average 55 at 98.50.

Also, stochastic attempt to exit the overbought areas confirms getting rid of the negative pressures to increase the chances of gathering the required negative momentum to start recording the mentioned targets.

The expected trading range for today is between 112.00 and 104.45

The expected trend for today: Bearish