Friday’s break into the cloud has the look for the short-term outlook to have a change in trend. From bullish to 1. Sideways or 2. Bearish….The blue tenkan line is about to cross under the red kijun line. The lagging indicator (gray line) is attempting to pass through and below previous price action. **notice the volatile activity during the time that the gray line is currently at **
Also the break of the uptrend lined and the move below the 24% retracement is concerning for a potential change in trend.
Targets below at 15.47 and then 14.82.
Because this is a daily chart, beans could still find support at any level and at least find a wide range to chop around in for some time.
I will look for upside targets once a pivot low is confirmed. Resistance is strong at 16.75
Also the break of the uptrend lined and the move below the 24% retracement is concerning for a potential change in trend.
Targets below at 15.47 and then 14.82.
Because this is a daily chart, beans could still find support at any level and at least find a wide range to chop around in for some time.
I will look for upside targets once a pivot low is confirmed. Resistance is strong at 16.75