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Arabica Coffee (KC) Bouncing Off Weekly Chart Upchannel Support


CFA, Founder Tradable Patterns

Arabica Coffee (KC) Bouncing Off Weekly Chart Upchannel Support

Arabica Coffee (KC) edged lower yesterday, forming a second straight daily Doji near the psychologically key 2.10 whole figure level.  Significantly, despite the consolidation since Tuesday, KC remains around last week’s high and still has momentum in its bounce off upchannel support (on the weekly chart).  Any reclaiming of the October high by the weekend will likely be followed by a retest of the 2021 high in the few days after.  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 and daily RSI, Stochastics and MACD are rallying, bottomish or consolidating recent gains.  I am long as of yesterday at 2.0941 although if I were flat I’d look to enter long in the green zone of the daily chart (in the ~2.01-2.08 range), targeting the red zone (of the daily chart in the ~2.12-2.18 range) for Thursday.  The amber/yellow zone (in the ~1.93-1.98 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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