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Coffee price collapses – Forecast today – 7-5-2024
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Coffee price collapses – Forecast today – 7-5-2024
May 6, 2024 11:29 PM

Expected Scenarios and Trading Range Scenario 1: Strong Negative Pressure Coffee price fails to sustain above the bullish channels resistance line at 227.90. New contracts open with strong negativity, resulting in a strong negative attack towards the MA55 at 194.70. Scenario 2: Bearish Momentum Frequent stability observed below the additional barrier at 210.80. Continuous negative momentum supported by stochastic indicators. Bearish scenario expected for near-term and medium-term trades, with potential losses extending towards 186.45 and 177.10 levels. Trading Range Expected range for today: 204.20 - 186.45

Trend forecast: Bearish

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