Huge demand on the way up and very little interest to sell at the current highs. A bullish flag has been formed and in my opinion would be a great place to put a bet on taking also in consideration a support zone as confluence too and then add to the position once breakout occurs at the top. In Brazil since September the consumer is already feeling the prices in their pockets with an increase of almost 50% on the price of the coffee.
Trade active
Coffee price at key point for adding to the position or joining in the current bullish trend. If retest fails and price dives back into the channel it might be time to flip the switch and go short as many trapped bulls will get stopped out adding fuel to the fire. However a bullish view on the chart looks more favourable taking in consideration the relatively low volume on the seller side.
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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.