Coffee price renews the negative action – Analysis – 14-7-2022

Coffee price resumed forming negative trades recently due to its stability within the bearish channel that appears on the chart, in addition to its recent consolidation below the moving average 55, to reinforce the efficiency of the bearish bias and record the first target at 204.30.

Now, stochastic fluctuation within the oversold areas allows us to expect renewing the negative attempts, to manage to break 204.00 level in order to reach new negative stations that might extend towards 197.40 and 189.80.

The expected trading range for today is between 212.00 and 197.40

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The expected trend for today: Bearish