Losing streak continues: Coffee down $2.3 to $173.15 adding to its five days of losses

Coffee is down to $173.15 per pound, after ending yesterday at $175.45. Overall, a 1.31% loss or $2.3 today.

United States Building Permits (Feb) is next today at 12:30 UTC.

Trend-focused traders would be interested to note 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. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $171.35, a low enough level to, generally, suggest that the Coffee future is trading below its fair value.

With market volatility ebbing, the current technical outlook indicates Coffee will remain range-bound for the immediate future.

Taking a look at other Softs commodities, negative performances are evident as Cocoa closed at $2,616 (down 1.58%).

In addition, United States Initial Jobless Claims is projected to outperform its last figure with 205,000, having previously been at 211,000. The figure will be published today at 12:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) will be released today at 12:30 UTC. United States Building Permits (Feb) is expected today at 12:30 UTC.

After hitting an important low of $151.1 approximately a month ago, Coffee has bounced back 16.12% since.