Arabica Coffee (KC) gained almost 1.5% yesterday, posting its 4th straight green daily candle and making progress in the week plus effort to halt the slide from the July peak (and highest level since October 2014). Significantly, KC has rebounded off the 38.2% Fib retrace of the November to July rally extension, and has a moderate likelihood of retesting the 2021 high before month end. With Tuesday’s break above triangle resistance (on the 4hr and daily chart) gaining upward momentum, KC is suddenly at August’s highest level. 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 bottomish, rallying or consolidating recent gains. I am flat after profitably closing longs yesterday and am looking to re-enter long in the green zone of the daily chart (in the ~1.75-1.87 range), targeting the red zone (of the daily chart in the ~1.93-2.02 range) for Thursday. The amber/yellow zone (in the ~1.62-1.70 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, WTI CRUDE
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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