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Arabica Coffee (KC) Nears Key 2.5 Level


CFA, Founder Tradable Patterns

Arabica Coffee (KC) surged another 2% plus Tuesday, closing at a fresh 2021 high.  Significantly, regardless of an increasingly likely test of upchannel resistance (on the weekly chart) by early next year, odds are fairly high for healthy profittaking when KC reopens following the US Thanksgiving holiday break, as KC bumps up against ascending wedge resistance (on the 4hr chart) and uptrend resistance (on the daily chart).  Nevertheless, with KC now well above the 2014 high, bigger picture bulls are increasingly targeting the 2011 high by Q1 sometime.  Congratulations to readers who benefited from the July 24, 2020 report highlighting the growing momentum behind KC’s major bottoming efforts and again on Nov 13th. Note the gains in the 1 week since the July 16, 2021 alert of the looming Bull Flag Extension.  The weekly, daily and 4hr RSI, Stochastics and MACD are rallying or consolidating recent gains.  I am looking at entering long in the green zone of the daily chart (in the ~2.28-2.38 range), targeting the red zone (of the daily chart in the ~2.47-2.53 range) for Thursday.  The amber/yellow zone (in the ~2.20-2.27 range) is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

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