Coffee
Pretty much according to plan! The one rally during the past month led to twin Bearish Doji Crosses - rare and I'm minded to think the market was making a point that we shouldn't try higher with such exotic pairings...even if they did close consecutively over the Medium MA. We've since headed south and once we'd settled under the 50% Fib of the April - June move at 128.34 then prices explored lower, notable has been the Key Reversal Down on the Weekly Chart for last week.
We seem to be using (at least roughly) the Lower Tine of the August - September Schiff Pitchfork (currently 120.40) as a rough guide to the descent...keep an eye out for that as well as the Middle Tine resistance (currently 129.20). With all MAs pointing lower and the market also doing so...the bullet point above goes fully Bearish.
Support is currently at 122.85, 121.20, 120.40, 117.03, 112.97, 111.04 and 110.22.
Resistance is currently at 124.71, 127.60 - 128.00, 128.34, 129.20 - 129.78, 131.97, 132.70 and 133.50(dynamic).
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