Coffee Daily Nov 21, 2022

Arabica Coffee (KC) slid nearly 1% Friday, closing just shy of the psychologically key 1.50 whole figure level and the 2022 low. The sharp break last week below descending wedge/downtrend support (on the weekly chart) to below the 61.8% Fib retrace of the June 2020 to February 2022 bull market (near 1.58) appears to have been an overshoot, with odds rising for a rebound by early this week back above downtrend resistance (on the daily chart)…

Coffee Daily Nov 18, 2022

Arabica Coffee (KC) slid another 1.5% plus yesterday, closing just shy of the psychologically key 1.50 whole figure level. The sharp break this week below descending wedge/downtrend support (on the weekly chart) to below the 61.8% Fib retrace of the June 2020 to February 2022 bull market (near 1.58) appears to have been an overshoot, with odds rising for a rebound by early next week back above downtrend resistance (on the 4hr and daily chart)…

Coffee Daily Nov 17, 2022

Arabica Coffee (KC) slid another near 1% yesterday, closing below descending wedge/downtrend support (on the weekly chart). Odds are roughly equal for KC to test the psychologically key 1.50 whole figure level ahead of the weekend as it is for KC to rebound above downtrend resistance (on the 4hr and daily chart) in the same period…

Coffee Daily Nov 16, 2022

Arabica Coffee (KC) slid a massive more than 5.5% yesterday, closing below descending wedge/downtrend support (on the weekly chart) after getting rejected at descending wedge resistance (on the daily chart). Although KC dipped yesterday slightly below the 61.8% Fib retrace of the June 2020 to February 2022 bull market (near 1.58), KC appears to have overshot to the downside with decent odds for a rebound above downtrend resistance (on the 4hr chart) by the weekend…

Coffee Daily Nov 15, 2022

Arabica Coffee (KC) slid more than 2% yesterday, but managed to close just above descending wedge/downtrend support (on the weekly chart) and descending wedge resistance (on the daily chart). Although KC has slid back below the 4hr chart downchannel resistance, odds remain decent for a decisive break in the next day or so above this resistance…

Coffee Daily Nov 11, 2022

Arabica Coffee (KC) rebounded more than 3.5% yesterday, clawing back above descending wedge/downtrend support (on the weekly chart) after briefly sliding beneath it. Odds are elevated for a break today above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart)…

Coffee Daily Nov 10, 2022

Arabica Coffee (KC) slid nearly 1% yesterday, with its daily Gravestone closing at a fresh 2022 low at descending wedge/downtrend support (on the weekly chart). Nevertheless, odds are rising for a bounce back above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart) in the next day or so, which would coincide with a rebound off the weekly chart descending wedge resistance…

Coffee Daily Nov 9, 2022

Arabica Coffee (KC) slid more than 2% yesterday, closing at a fresh 2022 low at descending wedge/downtrend support (on the weekly chart). Nevertheless, odds are rising for a bounce back above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart) in the next day or so, which would coincide with a rebound off the weekly chart descending wedge resistance.

Coffee Daily Nov 8, 2022

Arabica Coffee (KC) slid almost 3% yesterday, with its daily Gravestone closing below the psychologically key 1.75 whole figure level and forming a fresh intraday 2022 low. Nevertheless, odds are elevated for a break above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart) in the next day or so with high likelihood for a bounce in the next week or so off the weekly chart descending wedge support…