COFFEE C® FUTURES - Correction TimeFrom November 2020, there is a very strong upward trend. Coffee prices remain high, we have broken the 2014 peak.
The price is moving in the main growth channel (green) with a divergence that started in August. (The situation was similar on Natural Gas ). We saw a high around $ 250, followed by lower highs and lower lows. Let's see if the new blue channel works.
My KC1 strategy:
I have opened shorts with a target of $ 160, if the blue channel is not valid I will hedge at $ 252 or sooner then reverse and add to the position.
The recent rise in price may have been due to a falling wedge pattern, visible on the 5h chart.
Let's see how it will play out
Good luck.
Cheers!