Coffee price continued forming bearish corrective waves, affected by forming a strong barrier at 338.00 level against its previous trading by stochastic decline towards the oversold level, to suffer some losses by reaching 295.00 approaching the support level at 283.00.
The suggested scenario in the near and medium trading depends on the strength of the current support, so the stability above it will allow it gather positive momentum and begin targeting some bullish stations by its rally towards 312.00reaching 328.00, while breaking the support and holding below it will force it to suffer more losses, to expect forming initial negative station at 271.00 level.
The expected trading range for today is between 287.00 and 310.00
Trend forecast: Bullish
Natural gas price benefited from the repeated positive pressures by breaching the barrier at $2.920, confirming the continuation of the bullish corrective scenario, approaching the initial target at $3.050.
MoreThe EURJPY pair activated with negative pressure yesterday, forming a sharp decline to surpass the previously suggested negative stations, resuming the bearish trend by reaching 182.50.
MoreThe GBPJPY pair formed a sharp decline yesterday, affected by the repeated negative pressures, surpassing the previously waited targets by reaching 214.95 level, to settle near 212.35 level as appears in the above image.
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