Coffee faces resistance near 240.00

Source: Dukascopy Bank SA


Trading demand for coffee has served as a reason for this review of the commodity price. In general, the price has been declining though 2022. It has been finding support in a descending trend line. Meanwhile, since April, the price has been kept down by a resistance zone at 237.60/243.40. In the meantime, the 50 and 200-day simple moving averages have been observed to be capable of acting as short term support and resistance.

During late August trading, the price bounced off the resistance zone and started a decline. On September 8, the 50-day SMA slowed down the price and it retraced to find resistance in the 200-day SMA.

A decline below the 50-day SMA and the 220.00 mark could look for support in the 210.00, 200.00 and 190.00 levels, before the supporting descending trend line would be reached.

However, a recovery of the price would need to pass the 200-day SMA and the 230.00 level. Afterwards, the 237.60/243.40 zone might once again stop a price surge.
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