Seasonal trend in the growth of coffee pricesLet's talk about coffee because coffee lovers understand how important it is in daily life. In the business world, it's widely recognized that no meeting or deal is complete without at least one cup of coffee (or even more). ☕️
Now, let's focus on coffee futures. 📰
Technical analysis presents an interesting perspective for potential growth. The price is approaching a significant support level around $1.4 and is once again starting to rise. ☄️
During this uptrend, it successfully breaches key resistance levels in the vicinity of $1.5, creating a "repositioning" pattern for those considering buying. It seems like coffee season has arrived! ☀️
Right now, we're interested in the unclosed bullish gap at the level of $1.662-$1.6485.
On the daily chart, there's an attempt to test the previous month's highest price, which is crucial for further growth.
The scenario of closing the gap may come into play if the price falls to the order block levels within $1.6-$1.44, from which long-term purchases can be considered until the highest price is reached above the $2.0-$2.6 level.
If a pullback occurs to the 1.2-1.3 zone, it may present an opportunity for buying with the potential for a 2-3 rise. In such a case, there's a high probability of subsequent upward movement after the pullback. ☕️
If you're interested in coffee and commodities futures analysis, feel free to hit the 🔥 button, and we can continue the discussion. ☕️📈
