A mostly flat day so far for Coffee, ranging between $194.95 and $196.9; currently at $195.7 per pound.
This uncertain state for ICE Coffee is reflected by published market data as United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
Support/Resistance levels obtained from chart analysis indicate that Coffee is approaching key support, around $2.53 away from $193.17. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that the Coffee future's upper Bollinger band is at $236.02 and the lower is $195.76.
Overall, technical indicators suggest Coffee has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Softs as Cocoa is down $20 from the beginning of the session and now trades around $2,320. After ending yesterday's session at $18.77, Sugar lost 7 cents and is trading around $18.7.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories expected to decline to 1.55 million while its preceding data was 9.88 million, data will be available tomorrow at 14:30 UTC. United States Building Permits (Sep) is expected tomorrow at 12:30 UTC.
8 months ago Coffee reached a significant high of $258.7 but has consequently lost 24.41% since then.