On the previous chart of coffee that I posted, I expected a further upmove, but it didn't happen, as there is a double top formed at 200$.
I went back 20 years and roughly checked for diverging double top formations and this pattern has a great reliability. By a fast eye appreciation, I would say 90% accuracy.
There are class B bearish divergences on both oscillators, confirming the double top.
I hope the volume that appears right now, 9.837k is an error, cause comparing with previous days, it is way too small for an engulfing candle with a 15$ range.
First good support is the double top neckline at 165-180 and further down 130-140.
I can't actually trade coffee, cause the contract my broker offers is too big for me. This is a paper trade.
Comments
vlad.adrian
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Update here Ideea still stands
LEONES
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looks good to sell soon to me
vlad.adrian
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Yep, allthough these false breakouts are really annoying, they usually make the setup stronger.
LEONES
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today bar it's a bit tricky..strong
colened
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The "double top" has the same structure as a bat pattern
Ideea still stands