Coffee contracts’ price tends to renew the negativity – Analysis – 2-5-2019

Coffee contracts’ price did not resume the bullish correction caused by hitting the bearish channel’s support line, to notice its negative stability below 95.50 level, also, the consolidation of the moving average 55 above the current barrier increases the negative pressures to allow us to suggest more negative attempts that target the key support at 85.60.

Stochastic decline below 50 level supports our negative overview by providing new negative momentum to increase the chances of moving towards the suggested target.

The expected trading range for today is between 93.80 and 88.60

The expected trend for today: Bearish