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Coffee_analysis

Your morning buzz getting cheaperYo dudes and dudetts! Your monring coffee is getting cheaper this summer! Well, at least in the short term that's what it looks like. Coffee has been moving steadily lower inside its range since the beginning of the year. There's a pretty clear trend looking at the highs from December/January. As we approach the edge of this I'll be expecting a breakout lower, at least initally, after that lets see. My downside target is 110 corresponding to the fib exetnsion, although anything below 113 and I'll consider the start of a breakout to the lower obejctive. Will this breakout form the low of the year? Or will we keep going lower? What's your opinion, up, down, sideways? Share your charts, and comments below! Would love to hear what you think! :) Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.
KShort
by TheBadPanda
Coffee just woke up, at least in the short termSo no breakout... instead a rejection, which means I'm switching bias! Who thinks the rally we saw in coffee last week will form the year low? Possible ins't it? I'm still overall bearish, but based on the reaction we saw from support at 113, I think we'll see a retracement before we get back down below the current year low. Since we saw this reaction off the edge of the range, it makes sense to retrace higher a little further to the next resistance level (a higher consolidation). Well, at least in the short term that's what it looks like. my upside target on the fib is 124, and you can see the buy zone below 118.70. I bet you're wondering what happens if it burns lower through the buy zone? Then it's my second loss on this pair in as many weeks, and I'll go chill on the beach :D What's your opinion, up, down, sideways? Share your charts, and comments below! Would love to hear what you think! :) Note: All ideas expressed here are presented solely for learning and educational purposes only. Any gains or losses assumed by trading ideas presented by The Bad Panda are done so at your own risk.
KLong
by TheBadPanda