Coffee is showing strength to downside movement going into the last part of summer here in the northern hemisphere and possibly into the fall.
If the market can continue to put in lower lows, and reach the 144.00 as stated on the chart above where a support line is drawn due to prior resistance. If price can reach that level, then on a weekly time frame this will put price below the kumo cloud along with possibly a tk kumo break signal indicating a chance of even more downside for the year to come.
a stop should be placed above the 172.00 mark. while the target should be at the 144.50 which would create a 1.835 reward to risk ratio.
Comments
tradingformoney
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least you got a winner.
nice!
timwest
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I've been waiting for a pullback to get back on board the long-side....
timwest
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Coffee needed a good washout after all of the bullish headlines attracted Johnny-come-lately buyers.
tradingformoney
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its kind of bearish, on the weekly chart it looks like its setting up for weakness with a move on the downside on the daily.
nice!