Arabica Coffee (KC) Retesting Key 1.2 Level
Arabica Coffee (KC) slid 1% yesterday, closing just between the 38.2% and 50% Fib retrace of March’s 1-1.3 rally. Significantly, although KC is back below the psychologically key 1.2 whole figure level, it remains poised to completing (as early as next week) its 2 week plus consolidation and resuming its uptrend since February. Longer term bulls will likely soon pile in again as the probability for a retest of the December 2019 high by June remains fairly elevated. Congratulations to readers who acted on the bullish profile highlighted March 20th and 23rd ahead of further strong gains to the March high. Except for the daily Stochastics which droops down, the weekly and daily RSI, Stochastics and MACD are bottomish or rallying. I am looking at entering long in the green zone (of the daily chart), and am targeting the red zone for Thursday. The amber/yellow zone 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 to read the analysis of Cotton, Natural Gas
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