Arabica Coffee (KC) Bull Flag Consolidation Since Mid Feb Completing


CFA, Founder Tradable Patterns

Arabica Coffee (KC) formed a daily Doji yesterday, hesitating in its strong 3 week plus rally as it tests upchannel resistance (on the 4hr chart).  Significantly, KC’s upchannel extension (on the weekly chart) remains above the April high, but is likely to continue consolidating going into early next week before the rally can extend from the current 61.8% Fib retrace of the slide from the February high to the May low.  Odds are now high for a retest of the 2022 high sometime in June.  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 bottomish, rallying or consolidating recent gains.  I am looking at entering long in the green zone of the daily chart (in the ~2.32-2.38 range), targeting the red zone (of the daily chart in the ~2.44-2.50 range) for Thursday.  The amber/yellow zone (in the ~2.24-2.28 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).  Click here for analysis on COCOA, EURUSD

 Source: Interactive Brokers TWS

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