Coffee price suffered strong positive pressures by forming a new support base at 275.85 level might prevent it changing the bullish track besides stochastic rally above 50 level, forming several bullish waves, surpassing the resistance at 297.70 to settle again within the bullish channel’s levels as appear in the above image.

 

We will depend on forming an important support at 50%Fibonacci correction level by its stability near 292.90, reinforcing the chances for recovering the previous losses by targeting 312.20 level, reaching the next barrier at 326.25.

 

The expected trading range for today is between 292.50 and 312.20

 

Trend forecast: Bullish