BULLISH ON US COFFEE (SYMMETRICAL TRIANGLE°
Bullish clues:
- General uptrend since October 2019
- Symmetrical triangle, and coffee price just perfectly rebound on the symmetrical triangle's support and the 50 EMA
- Bullish Harami on the support
- Hidden Bullish Divergence on the Relative Strength Index (RSI)
- 50 Exponential Moving Average act as a support
Fundamental news: (from Reuters)
- Lower production in Brazil, driven partly by drought and frost, has helped to tighten arabica supplies (- 25.7%) according to Conab. Released yesterday (September 21, 2021).
- Brazil's Cooxupe, the world's largest coffee co-op and the country's No.1 exporter, expects significant damage to the 2022 crop from frosts that hit fields in July. Released yesterday (September 21, 2021).
Objectives:
If the symmetrical triangle is confirmed, coffee could goes up to the level of $215.00 USD (highest point of the symmetrical triangle and resistance zone).
MAYBE WAIT A PULLBACK AS A CONFIRMATION OF THE SYMMETRICAL TRIANGLE
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- General uptrend since October 2019
- Symmetrical triangle, and coffee price just perfectly rebound on the symmetrical triangle's support and the 50 EMA
- Bullish Harami on the support
- Hidden Bullish Divergence on the Relative Strength Index (RSI)
- 50 Exponential Moving Average act as a support
Fundamental news: (from Reuters)
- Lower production in Brazil, driven partly by drought and frost, has helped to tighten arabica supplies (- 25.7%) according to Conab. Released yesterday (September 21, 2021).
- Brazil's Cooxupe, the world's largest coffee co-op and the country's No.1 exporter, expects significant damage to the 2022 crop from frosts that hit fields in July. Released yesterday (September 21, 2021).
Objectives:
If the symmetrical triangle is confirmed, coffee could goes up to the level of $215.00 USD (highest point of the symmetrical triangle and resistance zone).
MAYBE WAIT A PULLBACK AS A CONFIRMATION OF THE SYMMETRICAL TRIANGLE
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Dagangan ditutup: sasaran tercapai:
Target reached! The symmetrical triangle was perfectly respected.