ICE Coffee continues trading sideways, currently at $177.9

It's been more of the same this session on the back of 4 days of flat trade, Today's session so far looks to be heading in a similar way — Arabica Coffee trades at $177.9 per pound, after ending Friday at $177.7.

Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Coffee's upper Bollinger Band® is at $192.1 and the lower is $176.12.

The current technical outlook indicates Arabica Coffee will continue to ebb sideways within tight ranges for the immediate future.

Moreover, United States ISM Non-Manufacturing PMI (May) scheduled to come out today at 14:00 UTC. United States Services PMI figure is projected at 55.1. It previously stood at 55.1; data will be released today at 13:45 UTC. United States EIA Short-Term Energy Outlook will be released tomorrow at 16:00 UTC.

The commodity has been trending lower for about a month. Coffee has fallen back around 27% over the past 9 months, from a notable high of $243.4.