Coffee Futures Plummet as Global Supplies Surge
Global coffee supplies are surging due to favorable weather in key producing nations, putting downward pressure on dow futures prices. Technical indicators suggest a bearish trend for December coffee futures.
The MACD indicator for December coffee futures is bearish, with both lines trending lower. Additionally, the daily bar chart displays a bearish 'head-and-shoulders' top reversal pattern, further supporting the bearish stance.
A breach below the chart support at 367.00 cents would strengthen the bearish position and present another selling opportunity. The downside price objective is 295.00 cents or lower. Recent price weakness in December coffee futures (KCZ25) presents a current selling opportunity.
With increased global supplies and bearish technical indicators, December coffee futures are expected to remain under pressure. A move below 367.00 cents would confirm the bearish trend, with a potential downside target of 295.00 cents or lower. Technical resistance is located at 400.00 cents.
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