Coffee Futures (KC1!) D1 | Bearish Downtrend to Resume?
Type:
Bearish Reversal
Key Levels:
Resistance: 325.05
Pivot: 304.60
Support: 262.85
Preferred Case:
Looking at the D1 chart, the price is rising toward the pivot and could potentially make a bearish reversal off this level before falling toward the 1st Support at 262.85.
Alternative Scenario:
Price may break above the Pivot at 304.60 and rise toward the 1st Resistance at 325.05.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.