Is the bullish run coming to an end? Arabica Coffee down to $199.2 (-0.47%)

Arabica Coffee is on a 14 day uptrend — Now turning against its recent performance, Coffee is down to $199.2 per pound, after ending yesterday at $200.15. Overall, a 0.47% loss or 95 cents today.

Following a previous reading of 597,000, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -1 million figure expected by analysts with an actual reading of -4.58 million.

While price action maintains a negative bias, United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. 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. Analysis based on the asset volatility indicates that Arabica Coffee's upper Bollinger Band® is at $204.29 which indicates a further downward move may follow.

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

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to come out at 240,000 — worse than previous data of 239,000; data will be released today at 12:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is expected today at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out today at 14:00 UTC.

Having set a significant low of $151.1 3 months ago, Arabica Coffee is trading 32.46% higher.