Coffee reversed at 61.8 fib
The biggest trade of the last quarter in commodities looks like pausing for now and correcting.
The bearish pin of April 21st proved a good signal for the sellers, as managed to close again below 61.8 fib from 2001 lows to 2011 highs.
If we get a bounce from last closing of 180.80 to196-205 again, pending to intraday and daily PA, it's an area that I'll re short.
Last known demand zone is at 166-156, and there is another one lower, which looks interesting to long again roughly at 144-133 area.
D.Speck's seasonal chart, shows that the last 37 years the high is in May and low base in June/July, before go higher again from Aug to Dec.
seasonal-charts.com/future_farmprodukte_coffee.html
Cheers,
Panos
The bearish pin of April 21st proved a good signal for the sellers, as managed to close again below 61.8 fib from 2001 lows to 2011 highs.
If we get a bounce from last closing of 180.80 to196-205 again, pending to intraday and daily PA, it's an area that I'll re short.
Last known demand zone is at 166-156, and there is another one lower, which looks interesting to long again roughly at 144-133 area.
D.Speck's seasonal chart, shows that the last 37 years the high is in May and low base in June/July, before go higher again from Aug to Dec.
seasonal-charts.com/future_farmprodukte_coffee.html
Cheers,
Panos
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