Coffee prices confirmed their surrender to the bearish bias domination yesterday below the extra support at 345.00, forming a sharp decline, and breaking 38.2%Fionacci correction level at 326.60 to settle near 317.00.

 

Stochastic attempts to reach the oversold levels will increase the chances for gathering the negative momentum, which makes us prefer more of the negative attempts that target 309.60 level, reaching the next support at 293.50.

 

The expected trading range for today is between 309.60 and 330.00

 

Trend forecast: Bearish