Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
It seems as if the previous zone of resistance from 2114 to 2127 has expanded itself to 2102 to 2127(not that it is significant or means anything).
For the small speculator the current range bound should be proving easy to trade to make a little $$$(just an opinion and value judgement). Which means that after second half of last week’s price action one should have been ready this morning to establish a short term short position. It may take the early part of this week’s trading sessions to determine if this price drop is simply still part of the uptrend since the middle of August or if it is the beginning of a retest of the lower support of the range bound(1833 to 1794).
It is only my opinion that the next 6 to 12 trading sessions should make it clear if the uptrend from 16th Aug. is still intact or if a retest of below is forming(either way $$$ can be made).
Prosperous trades. KennB
P.S. Where ever the close is this afternoon the middle of today's 'real body' candlestick should prove to be at minimum intraday resistance if not just weak resistance at some point in the future.