Coffee Futures ( KC1!), H1 Potential for Bullish Bounce
Type : Bullish Bounce
Resistance : 227.70
Pivot: 221.75
Support : 219.20
Preferred case: We see the potential for a bounce from our pivot at 221.75 in line with 127.2% Fibonacci extension towards our 1st resistance at 227.70 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 219.20 in line with 138.2% Fibonacci extension.
Fundamentals: No major news.
Resistance : 227.70
Pivot: 221.75
Support : 219.20
Preferred case: We see the potential for a bounce from our pivot at 221.75 in line with 127.2% Fibonacci extension towards our 1st resistance at 227.70 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st support at 219.20 in line with 138.2% Fibonacci extension.
Fundamentals: No major news.