"Meanwhile price is trapped between 1st support at 243 which is also its 200ema and resistance at 260. A break of either is what to watch for."

This is exactly what occurred on the close today. After a Fib 38.2% retracement of the May/10 to May/11 rally price found support there and has cleared the 260 breakdown point today with a close of 262.85 +3.05. It also crossed above its downtrendline. 'IF' price can hold this breakout expect a run back to 277 resistance. The selloff coincided with the worst seasonal period of the year for Coffee being June but that also ends at the end of June with a typical brief seasonal bounce into mid July. This appears to be the bounce back off support from the Fib 38.2% retrace level. Coffee is one of the most erratic and volatile markets to trade.