The chart shows coffee
in a weekly chart over a very long period of time. At the very least, you can see very clearly how important it is to draw support and resistances and trend lines
. You can clearly see the trend line
that has already been successfully tested more than 3 times. However, there is also an opposite trend line
which limits the coffee
price into an increasingly narrowing price zone. This means that this triangle must always be broken and this usually takes a strong momentum and a lot of dynamics.
The chart also provides horizontal support for the important psychological level of 100, which has also been successfully tested several times. What can still be seen on the chart is a trend channel, which plays an important role in the daily chart
In our opinion, it is worth a weekly view of the coffee
cart, in order not to miss the breakout.