While Arabica Coffee is on a 7 day uptrend Now turning against its recent performance, Arabica Coffee is down to $182.6 per pound, after ending yesterday at $183.6. Overall, a 0.54% loss or $1 today.
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
Japanese candlestick formations show 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Trend analysis indicates that despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line — typically a bullish indicator. Analysis based on the asset volatility indicates that the Coffee future's upper Bollinger Band® is at $188.89 which indicates a further 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.
Taking a look at other Softs commodities, negative performances are evident as Cocoa decreases 0.56% to trade around $2,854.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.
Furthermore, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
The Coffee future is now trading 21.51% above the significant low ($151.1) it slumped to 2 months ago.
