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2026-02-26 17:34:35
[Technical Formation Bottoming Out, New York Coffee Challenges Key Resistance at $2.8670] ⑴ From a technical chart perspective, the May New York coffee futures contract found effective support twice around $2.78. This stabilization, combined with the subsequent rebound, typically indicates the formation of a short-term bottom or consolidation pattern. ⑵ Currently, the price is attempting to test the resistance level at $2.8670. Based on pattern analysis, a successful break above this level could open up further upside potential, targeting $2.9205. ⑶ On the downside risk side, the initial support level is at $2.8075. A breach of this level could trigger technical selling pressure, causing the price to slide into the $2.7265-$2.78 trading range. The battle around $2.8670 in the coming trading days will be crucial in determining short-term strength or weakness.
