Coffee: Trend Down?
Eddie Tofpik | Mar 05, 2018 06:05
Mostly from last time...it's still valid...
All MAs pointing down and I can't draw a single Bullish line or pattern apart from the already drawn Bullish Uptrend well below the current market and dat'ng from Jun 2017 (currently 119.58). The Sep 2017 - Jan 2018 Schiff Pitchfork's Middle Tine (currently 119.89) is propping up the market at the moment [...] May see a test of the next Middle Tine support (currently 118.19) of the Aug - Sep 2017 Schiff Pitchfork move! This time all but the Short/Medium MA is pointing down...but really 'can't' (read 'won't') draw a Bullish line...
The Feb low is basically the same as Dec 2017's.
The Schiff Middle Tines are acting as support...still...or at the very least as Bearish angle-of attack... by the way, I updated the prices in the quote above. Since last time I've removed one Bearish Pitchfork and added the late Jan 2018-to-date Downtrend (currently 124.23). We might have the possibility of a Key Reversal (Down) today...but we need to extend the range a little bit. With one of the MAs turning up, I've decided to move the bullet point back to mildly Bearish...with a question mark.
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