While Coffee is on a 9 day bullish trend, Today's session might suggest a slow down — Coffee trades at $188.4 per pound, after ending yesterday at $188.45.
Arabica Coffee's state is reflected by market data as United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million. United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.
Technical analysis trend indicators suggest that investors are seeking long positions as Coffee price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Arabica Coffee's upper Bollinger Band® is at $190.16, suggesting that a downward move may follow.
Overall, while Coffee has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Softs as after ending yesterday's session at $23.68, Sugar lost 35 cents and is trading around $23.33. Cocoa closed at $2,867 (down 1.24%).
Moreover, United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%. Projections for United States Initial Jobless Claims are set for a continuation of decline with 232,000 while previous data was 228,000; data will be released today at 12:30 UTC.
2 months ago, Coffee fell to a low of $151.1 but has since recovered 24.72%.
