03rd May - Coffee Downmove Temporarily Loses Momentum
03 May 2012
MONTHLY CHART – CONTINUATION:
The drop back from the 2011 peak has neared the 169.60 Feb-09 high, a possible support area on this long term chart.
DAILY CHART – Jul-12:
The downmove recently slowed, and at the same time a positive RSI divergence has developed. This provides an initial sign of bear fatigue.
However, it is early days and the market needs to recover through the falling resistance line at 203.00, and the nearby 205.00 23.6% recovery level, to encourage the bulls. A further push through the projected channel top around 210.00 would reinforce an unfolding recovery scenario.
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26th April - Resilient Oil frustrates the bears