Coffee Analysis April 2016 (D)
Created on Friday, 01 April 2016 01:24
Written by Austin Galt
The coffee price looks to have broken its downtrend in making a higher high and we now just need a higher low and the bulls will finally be cheering.
Let’s update the daily chart.
COFFEE DAILY CHART
We have a higher high in place after price broke above the previous swing high denoted by the horizontal line.
The Bollinger bands show price is back at the middle band and looks on its way to the lower band.
The Fibonacci Fan shows price surging up to the 50% angle to put in the higher high. The 61.8% support angle has already given way.
I favour a deep retracement back to at least the 76.4% angle at $117.03.
The RSI showed a little bearish divergence at the recent high while the MACD indicator is bearish.