Coffee daily/4h descending triangle to the weekly support level

Coffee is forming a descending triangle in the daily/4h chart. Also, the price is at a major support/resistance level. There will be a retest at 130-131 level. If rejected again, most likely the price will fall down to the 115 level in the short-mid term.

There is a good support level in the weekly chart, most probably this will hold and coffee could become bullish again. This time it will target 160.

This is just an idea, not trade advice. Do your own research.

Kommentera:

Target one, $130.5 reached. If the candle doesn't close above the triangle, I would be shorting the coffee.

Order avbruten:

The descending triangle is no longer valid because coffee has broken upper resistance. However $135 and $140 will show some pullbacks to short coffee.