/KC coffee futures still appear poised for the next leg up after the expected pullback off the 1.0521 resistance level & divergent high. I continue to favor a reversal here off the 0.98ish support with the possibility of one more thrust down to the 0.95ish support before a resumption of the uptrend. Either way, a break above the downtrend line is likely to spark the next rally. Previous & updated 60-minute charts of /KC.
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- KC 60-min June 4th
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- KC 60-min June 6th
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- KC 60-min June 11th
Likewise, the JO (coffee ETN) official long trade has pulled back to & is still testing the T1 level, which is now support, thereby offering an objective long entry or re-entry for those that booked profits when T2 was hit. I am also rasing the suggested stop to 32.49 at this time.
JO daily June 11th