Further Losses Brewing in Coffee
17 February 2010
The Commodity Specialist view -
WEEKLY CHART - CONTINUATION: The 2009 recovery failed ahead of the 76.4% retracement and, now, the Jan break of the rising support line has put bears in control. |
DAILY CHART - MAY-10: The succession of rising lows seen over previous months was finally broken after failure of the 38.2% level and 137.50 04-Jan low. This low remains first resistance, above which note the rising return line running close to 140.00 currently. S/term support has come from our first support area of interest, the 130.55 61.8% pullback level and Fibo projection (1.618 swing off prior 137.50-148.70 bounce) at the same level. Any bounce should prove temporary, ahead of lower targets. Note that the lower Fibo projection, 2.618 swing target, coincides nicely with the 61.8% pullback on the Weekly chart above.
Philip Allwright Mark Sturdy Seven Days Ahead
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