Hi, as you can see Coffee is in the well known Coffee Cup Pattern.
It recently broke above a local resistance and propably is up for a retest now (picture below) before it goes to my midterm target of 270-340.
I may be Biased at my Trading idea, but in my opinion Coffee is pretty cheap and i would personally would buy coffee too if it was double the current Prices.
Alright made a Joke here in there but the Trading Idea is a legit one :D
Have a nice Day =)
It recently broke above a local resistance and propably is up for a retest now (picture below) before it goes to my midterm target of 270-340.
I may be Biased at my Trading idea, but in my opinion Coffee is pretty cheap and i would personally would buy coffee too if it was double the current Prices.
Alright made a Joke here in there but the Trading Idea is a legit one :D
Have a nice Day =)
Comment:
the 270-340 usd (50year old) resistance got already 5 times tested and should be rather weak now. Coffee pulling the "Lumber" soon?!
Comment:
i have to admit that the huge candle wick on monthly doesnt look very bullish shortterm - i propably wouldnt be buying right now and wait for further correction. or atleast only buy small amount at current prices...atleast historically such wicks have a high propability of further correction
Local Resistance of past 1,5 Years should turn into Support. Thats where i suggest to open Longs. DYOR