KCH2016, Coffee futures long position opportunity
Coffee futures generally show a clear pattern of systematic ups followed by similar downs. Recently, market has been bearish with structural lows below 120.00, 115.00 and 112.00. Structural low below 112.00 has been followed by a higher support at 112.00. If the market breaks it's first resistence point at 115.90, which is highly likely, then coffee is expected to enter a bullish trend up to 120.00 or even 124.20.
Strength and Oscillator indicators show a reassurance for this upward trend. Stoch RSI, RSI and CCI are all indicating an increase leaving over-sold market towards over-bought.
My advice: buy.
Strength and Oscillator indicators show a reassurance for this upward trend. Stoch RSI, RSI and CCI are all indicating an increase leaving over-sold market towards over-bought.
My advice: buy.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.