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.