Coffee
There were plenty of opportunities for the market to head lower last month, rallies failing at the key April - June 50% Fib at 128.34, Key Reversal Down on the Daily Chart and an attempt to actually test the October low. However, all came to naught as prices rebounded. Yet they are not Bullish, as can be seen by the KR Down last Thursday as we bounced off the underneath of the Medium MA resistance (currently 129.94) and failed to make two consecutive closes over the Middle Tine (currently 127.40) of the August - September Schiff Pitchfork whose Lower and Middle Tine had been guiding the Bearish incentive.
The most interesting feature of the failure to deploy lower is the possible Double Bottom formed since October. I've optimised the upside target for such a move at about 135.00 and marked it with an 'X' just in case. All this being said, at the moment it still looks a bit sideways and I've altered the bullet point to mildly Bearish from fully Bearish as despite this looking sideways, we still have two out of four MAs pointing downwards and it ought to reflect that.
Support is currently 127.40, 126.25, 124.71, 124.25, 123.00 and 121.15.
Resistance is currently at 128.34, 129.78, 129.94 (dynamic) and 131.46 (dynamic).
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