This looks like it has broken out of the cycle low & then successfully backtested the breakout. RSI, sentiment all support the low being correctly identified. This looks like a good opportunity to sit on a long move upward.
Short is an overcrowded trade here at the moment. Watch for reversal signs as good chance of those shorts getting covered at pace when we do.
Could well see some price action off this long term support - especially after a few failed moves to break current resistance areas.
COFFEE continuation up after triangle compression
I don't think we've yet seen the bottom here. The major support line tags the current price action sub $1.2, and the bollingers don't quite look right to signal the bottom. So although I will be going long here very soon and will be looking for a very big upward move, I will watch/stay short for now u til I see clear evidence of the floor emerge.
Big drop today. Lots of shorts still here and premature longs getting squeezed. Watch the support line for the entry point & scale in Long for the bounce.
KT1 Coffe Futures Buy in important Support .
it`s hard to see the particular pattern but it`s rules also in the coffee. the two blue line are important in the next days. if you agree write comment and follow me.
COFFEE one more wave down to end correction
Closed strongly >23% Fib & new 12m high. Pattern could look to repeat late 2014 sharp rise.
Heading back towards the floor & look at past history..... Short initially down to approx 1.13.
Potential Bearish Crab for future reference. Short: 1.49 SL: 1.57 Target: 1.29