I'm eyeing up a long entry on coffee. I'll look at trading this through the 3CFL ETF. If the trade goes as envisaged and hits my wave 3 target, it could yield 100% profit thanks to the leveraged ETF.
Disclaimer: This is not financial advice. Do not follow my trades. Do your own analysis, make your own trading plans. I am not an Elliot Wave analyst and only use...
Coffee prices seem to be reaching a pivotal point with possible break out. Starbucks has enjoyed decreasin coffee prices over the last decade. A break out in coffee could be good sign to short SBUX $BJO
Coffee Futures fall today below 100, to 97.25, not seen since 2006. Producers, according to the CFTC COT reports, are net long some 80,000 contracts, an all-time high. These extremes in positioning are accurate contrarian signals, presenting a opportunity to bet on a rebound in future coffee prices over the next 6 month.
After such a dramatic rise in a down trend the price is due for a correction downwards.
Also the RSI was very high as well so that supports this prediction.
Like the idea if you agree and follow for more like this.
Hi guys,
It looks like a good time to get into Coffee. The CFTC report (refer to barcharts.com) shows the dealers and commercials are extremely net long and control most of the open interest. We are overbought at the moment and need to see a pullback where we want to be buyers. I'm expecting price to come back to this support zone - if not I may take a break...
Thought i would not find a market more promising for the future than platinum but i've been proven otherwise. Coffee is lower than it has ever been in it's life cycle and can only imagine this is the end of downtrend and may form a wick around 1.0100 where expected to bottom out and start headed upwards. Do not miss out on a great buying up opportunity and watch...
Clear bearish chart. In this moment I'm bearish until the last week of August. Landing area for a bounce 95-92$. 100$ is psychological level but not enough.
Pay Attention Buyers!
Stay Tuned!
This looks like it has broken out of the cycle low & then successfully backtested the breakout. RSI, sentiment all support the low being correctly identified. This looks like a good opportunity to sit on a long move upward.
