Coffee prices came under renewed negative pressure in recent trading, forcing the price to settle below the additional support level at 282.85, to begin forming new bearish waves by reaching 277.00 level.
Holding below the broken support level will push the price toward further losses. We expect it to test the main support level at 269.25. A break below this level will confirm a move into a new bearish phase, sending the price toward 257.10, a return to the bullish trend requires the price to step above 302.00 and hold above this level for at least four hours.
The expected trading range for today is between 269.25 and 285.00.
Trend forecast: Bearish
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