Coffee price attempts to hold above the support – Analysis – 18-8-2021

Coffee contracts’ price faced strong negative pressures that led to form strong correctional bearish rebound and settle near 176.20 support line, noticing that the price faces the negative pressures by fluctuating above this support lien to increase the chances of gathering the required positive momentum to renew the bullish attempts and reach positive stations that might start at 188.10 and 193.90.

On the other hand, surrendering to the negative pressures and crawling below the mentioned support will postpone the bullish attack and force the price to suffer additional losses by moving towards 171.10 followed by reaching 38.2% Fibonacci correction level at 164.30.

The expected trading range for today is between 176.20 and 188.10

The expected trend for today: Bullish