Bullish ICE Coffee runs out of steam at $189.05; currently at $187.35 per pound

After closing the previous trading day at $180.7, the Coffee future is up to $187.35 per pound, which makes for a move of 3.68%/$6.65 today.

The Coffee future is currently trading at $187.35 following the release of EIA Short-Term Energy Outlook data from the United States.

Meanwhile, United States 3-Year Note Auction released today at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.

Trend-following investors would be interested to note that the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Japanese candlestick formations show a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $189.65, thereby suggesting that the Coffee future is becoming overvalued.

Overall, while Arabica Coffee has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Rallies can also be seen in other Softs, Sugar leaps up 2.73% to trade around $23.7. Having closed the previous session at $2,861, Cocoa is up 1.12% today to currently trade at around $2,893.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.

Elsewhere, United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.

After hitting an important low of $151.1 approximately 2 months ago, ICE Coffee has bounced back 19.59% since.