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The zone, which captures the 2021 July, October and November high levels, at 210.40/215.20 provided support to the price for coffee in mid-March. Afterwards, a recovery of the soft commodity price occurred. By March 23, the price had recovered and was heading to the 230.00 level.
If the price continues to recover, coffee might encounter resistance in the 230.00 mark, before approaching the 235.00 mark and the 50-day simple moving average. Higher above, take into account the 240.00 level.
On the other hand, a potential decline would have to pass below 220.00, prior to looking for support in the 210.40/215.20 zone.
Wed, 23 Mar 2022 11:48:44 GMT
Source: Dukascopy Bank SA
The zone, which captures the 2021 July, October and November high levels, at 210.40/215.20 provided support to the price for coffee in mid-March. Afterwards, a recovery of the soft commodity price occurred. By March 23, the price had recovered and was heading to the 230.00 level.
If the price continues to recover, coffee might encounter resistance in the 230.00 mark, before approaching the 235.00 mark and the 50-day simple moving average. Higher above, take into account the 240.00 level.
On the other hand, a potential decline would have to pass below 220.00, prior to looking for support in the 210.40/215.20 zone.