Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
It doesn’t look as if Xmas cocoa will be retesting the 2114 – 2127 zone of resistance, at least this week anyway.
IF however a trader is in the camp that believes the price is only briefly tracing before it revisits the above mentioned resistance then one would watch the price and see if it bounces somewhere around 1937 – 33 maybe even as low as 26ish before revisit. If price drops below that one might think about changing camps.
Other traders may think that price will be testing, for the fifth time, the very strong 1833 – 1794 zone of support. In that case, one would start looking for a soon to be formed swing low, and obviously followed by a swing high before building up strength to revisit the above mentioned support.
My bad guess would be strength building(rest stop) may take place around the low end of 1900 area.
Just fun guesses, I have no skin in the game or ego need to be right.
Prosperous trades to all. KennB