Coffee price holds below the resistance – Analysis – 18-8-2022

Coffee price confirmed its surrender to the domination of the bearish bias by providing new negative closings below the bearish channel’s resistance at 227.10, to notice forming negative waves and settle below the moving average 55 and touch 215.50.

Now, stochastic attempt to provide the negative momentum allows us to expect reacting to the negative factors and start targeting the negative stations by moving towards 211.30 followed by reaching 204.10 to press on 50% Fibonacci correction level.

The expected trading range for today is between 222.00 and 211.30

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The expected trend for today: Bearish