Coffee Bears At The Helm
23 June 2011
WEEKLY CHART -CONTINUATION
The chart structure has changed, implying fatigue. This was particularly the case when temporary support from around the 23.6% pullback level gave way. Focus has now turned on the lower 228.00 38.2% retracement, as next potential support.
DAILY CHART -Sep-11:
Recent support from around the 259.40 05-Apr low has yielded now, after s/term consolidation. This followed the negative signal that came from the break of the channel base projection.
Bear focus turns to the 220.00 area where a Fibo projection resides (not much below the 38.2% level on the Weekly chart).
First resistance now comes from congestion below the 276.75 03-Jun high.
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