After three days of going down, ICE Coffee is flat today, hovering around $186.05

Coffee trades at $186.05 per pound, after ending yesterday at $186.05.

United States Fed Chair Powell speech is next today at 15:00 UTC.

Coffee's state is reflected by market data as United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3. Highly important Initial Jobless Claims data from United States beat analyst expectations of 254,000 with a reading of 242,000.

Coffee's upper Bollinger Band® is at $191.46, suggesting that a downward move may follow.

Despite the market lacking direction, technical chart analysis strongly suggests the Coffee future is positioned for a downward move in the near term.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Fed Chair Powell speech is scheduled today at 15:00 UTC.

The commodity has been trending lower for about 30 days. ICE Coffee is now trading 23.13% above the significant low ($151.1) it slumped to 4 months ago.