We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of the Coffee. (KC.N13.E).
I hope you are having a GREAT week !!!
Coffee could be turning bullish, so this week let's take a look at the Coffee Chart.
With Futures we use the weekly MarketClub Trade Triangle for trend, and the daily MarketClub Trade Triangle for timing.
Coffee put in a weekly green Trade Triangle on what looks to be the breakout to the upside of the base.
Coffee put in a daily red Trade Triangle on what looks to be a test of the base.
If Coffee trades higher and puts in a green daily Trade Triangle odds would be with bulls.
The MACD made a bullish momentum divergence at the lows and is currently on a buy signal, which supports the bullish case for Coffee as of right now.
If Coffee were to continue lower from here and puts in a red weekly MarketClub Trade Triangle, then odds would not be with the bullish case for Coffee any more.
So even though it looks to be a big bullish opportunity for Coffee, we'll just have to sit back and let the market tell us what to do next.
So this looks to be a great Chart to Watch right now, as exciting things could be happening on the upside in Coffee soon.