Coffee Futures ( KC1!), H1 Potential for Bullish Bounce
Type: Bullish Bounce
Resistance: 223.45
Pivot: 218.70
Support : 213.60
Preferred case: Price is near to the key pivot level. We are expecting the price to potentially bounce off from our pivot level of 218.70 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection towards our 1st resistance level of 223.45 which is in line with 38.2% Fibonacci retracement.
Alternative scenario: Otherwise, the price might break our pivot structure and trigger a dip to the 1st support level of 213.60 which is in line with 78.6% Fibonacci projection and -27.2% Fibonacci expansion.
Fundamentals: No major news.
Resistance: 223.45
Pivot: 218.70
Support : 213.60
Preferred case: Price is near to the key pivot level. We are expecting the price to potentially bounce off from our pivot level of 218.70 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection towards our 1st resistance level of 223.45 which is in line with 38.2% Fibonacci retracement.
Alternative scenario: Otherwise, the price might break our pivot structure and trigger a dip to the 1st support level of 213.60 which is in line with 78.6% Fibonacci projection and -27.2% Fibonacci expansion.
Fundamentals: No major news.