Bullish the Coffee future runs out of steam at $191.55; currently at $191 per pound

After closing the previous trading day at $181.7, the Coffee future is up to $191 per pound, which makes for a move of 5.12%/$9.3 today.

Nevertheless, following a previous reading of 233,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 235,000 figure expected by analysts with an actual reading of 261,000.

At the same time, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.31 trillion, while the previous figure was 3.21 trillion.

Coffee's upper Bollinger Band® is at $193.25, this is a slight indication of a slowdown.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest the Coffee future is set for a reversal in the coming days.

This rally in ICE Coffee's price coincides with other Softs as having closed the previous session at $3,091, Cocoa is up 2.1% today to currently trade at around $3,156. Having closed the previous session at $83.62, Cotton is up 0.56% today to currently trade at around $84.09. Sugar is up 0.52%.

The Coffee future reached a significant high of $243.4 around 9 months ago but has lost 25.35% since then.