Price on COFFEE looks very interesting at the moment, this latest move broke the narrative of a downtrend.
The most recent interaction with the downtrend is particularly interesting, because it's already showing early signs of consolidation, decreased bearish momentum. What may follow: retest of trendline, low-volume candles suggesting exhaustion, all aligning for potential upwards.
My target would be toward 350$ where we have a clear zone. If this move plays out, it will make a beautiful switch of a narrative that’s we've been seeing for COFFEE. This is what makes the setup so compelling. It’s a "story being shown".
Though a scenario for more downside is possible. Still, I am taking the side for more upside because such decrease is not sustainable long without a correction.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
The most recent interaction with the downtrend is particularly interesting, because it's already showing early signs of consolidation, decreased bearish momentum. What may follow: retest of trendline, low-volume candles suggesting exhaustion, all aligning for potential upwards.
My target would be toward 350$ where we have a clear zone. If this move plays out, it will make a beautiful switch of a narrative that’s we've been seeing for COFFEE. This is what makes the setup so compelling. It’s a "story being shown".
Though a scenario for more downside is possible. Still, I am taking the side for more upside because such decrease is not sustainable long without a correction.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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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.