/KC (coffee futures) is backtesting the middle trendline from below after breaking down earlier today, offering an objective short entry with a higher-probably entry to come on a break below 1.29 & the lower trendline (bottom of Ascending Broadening Wedge pattern). For an entry here, the first price target would be the bottom of the ABW pattern (lower uptrend line) followed by the 1.2418ish support level with a potential third target just above the 1.14ish support level (which aligns with the 39.40ish target for JO from yesterday’s post), should /KC take out the 1.24 level with conviction.
KC 60m Dec 18th