Coffee continues an 11 day surge, reaping a total of 13.96%. This session seems to remain in the same lane for now — after closing the previous trading day at $191.5, ICE Coffee is up to $193.5 per pound, which makes for a move of 1.04%/$2 today.
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. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that ICE Coffee's upper Bollinger Band® is at $195.06, this is a slight indication of a slowdown.
Notwithstanding ICE Coffee's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Coffee's price coincides with other Softs as having closed the previous session at $23.46, Sugar is up 0.55% today to currently trade at around $23.59. Cotton gained 0.36% and is now trading at $83.23.
Furthermore, the market is looking at United States Building Permits (Mar) is scheduled for tomorrow at 12:30 UTC.
The past 3 months have been positive for ICE Coffee as it added 27.97% compared to its 3-month low of $151.1.