COFFEE trade ideas
#COFEE- SHORT OPPORTUNITYIn anticipation of the recession, coffe begins to lose value as smart money is moved from these commodities to safer places.
Meanwhile, an upward breakout was attempted on the descending pattern, but the deviation was apparently a fake-out, which means that we will soon have a retest of the support and if it is broken, we can go on short until the next . support.
COFFEE Potential Short! Sell!
Hello,Traders!
COFFEE broke a local rising support
Then went down and is now back up
To retest the broken line which became a resistance
And I am expecting a local pullback
Towards the target below
Sell!
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Coffee prices to new highsWith global inflation setting new records high, coffee prices can be set to trend higher
in the upcoming months.
From a wave perspective 5 waves were done to the upside finished with a bearish divergence showcasing
a correction to the downside were it's end can be expected near wave 4 to then start a new rally to the upside.