Send me real-time posts from this site at my email
TradingView

BULLISH ON US COFFEE (SYMMETRICAL TRIANGLE°

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

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue