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
Trade closed: target reached
Target reached! The symmetrical triangle was perfectly respected.
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.
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.