Long Term 38.2% Support Stalls Earlier Coffee Bears
25 November 2011
WEEKLY CHART - CONTINUATION
The 38.2% retracement has been eroded but not clearly violated. It has arrested the bear advance and we continue to await reaction here. Look closer.
DAILY CHART - Mar-12:
On the Mar-12 chart the market has found support around the bear channel base projection, as well as a Fibo projection at 228.00. This leaves the lower 218.00equality target (May/Aug downleg extended off 293.10 01-Sep high) out of reach for now.
At this stage a recovery through the 257.53 38.2% retracement level would imply further upside to come, and delay any breach of the long term 38.2% support (above).
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