vlad.adrian
Short

Coffee - Downtrend starting (Update)

ICEUSA:KC1!   Coffee
304 4 11
A couple months back I suggested coffee             was preparing for a downtrend. I believe that now, the downtrend is starting.

Everything that I said in that chart (You can find it in the related ideas section) still stands.

The bearish change in behavior is confirmed, the class A bearish divergence on the MACD lines, histogram and Force Index is confirmed. The candle pattern aligns with the bearish indicators, as we have a dark cloud cover followed by a gap down.

Considering how bearish the chart looks, I would say that a retest of the 100 level is likely, but as always, it is not good to go ahead and predict the end of the world. Important support areas stand at 150, 120 and further down at 100.

Monthly study of coffee            
snapshot
It is bearish!
Hi vlad, you did a good job.
Now, What is your opinion about KC1.
Still bearish?
Reply
Yes, it still looks heavy
Reply
JimanKim vlad.adrian
Hi adrian. Long time no see.
You was right, great!
Now what is your opinion? It is going to 120-130?
Reply
Hi, i think it will bounce back to uptrend from tree possible levels 190,176,160 because foundamentals says the trend will be up for crop losses. Good analysis
Reply
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