Looking for some downside correction as we reached the upper trend channel IMHO
- Ran into resistance without follow through for today. - Overbought on daily chart - At upper BBands on weekly chart
NOTE: - There is chatter of weather issues (drought) in Brazil, so I am cautious - Also, 9 day MA crossed 20 day, 50 and 100day MA north, so that is bullish too
Trade closed: target reached
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There is a little room to go on the downside, but the momentum is disappearing, hence it is not worth seeing coffee grind it out (LOL).
I am turning neutral and waiting to add longs via options for the first half of November or when the price reaches 115 or below.
tanks