04th Jul - 76.4% Support in Coffee Prompts Bounce
04 July 2012
WEEKLY CHART – CONTINUATION:
On this continuation chart the downtrend from May-11 peak recently tested the long term 76.4% retracement. Support has been seen, an initial rebound in progress.
DAILY CHART – Sep-12:
The market is recovering ahead of the bear channel base projection. First resistance that needs to be cleared comes from congestion between the 174.65 09-May low and 16-May 184.40 high. Not much higher runs the falling resistance line at 187.45 currently. Violation of the latter would be the first positive signal here, inviting higher targets.
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