Coffee – Coffee closed sharply lower on Tuesday, after trading to a new 20-day high and closing above the downward sloping median line. The market is trading lower into the second projected reversal date in the last three days. When there is a cluster of reversal dates, the latest date is usually the most significant. I will wait to see if the lower parallel line can stop the decline. If the market opens lower and is supported by the lower parallel line, it could offer a very good swing trading opportunity. I will keep you updated in my blog on the website www.tradersnetwork.com.
December Coffee - click to enlarge
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