Coffee Re-accumulation!
Hello my beauties.
The chart of coffee suggests a violent bullish breakout of a multi-year downward trendline. The price will probably continue its uptrend, but it is now signalling the beginning of a phase of re-accumulation; the price has reacted strongly with a sudden move to the downside that has stunned the price sideways. I will wait for further development to make sure the schematics play out as expected. I will wait for the price to breach the range in red to the downside, only to quickly recover within the range itself; the successful retest of the bottom of the range would be my buy signal before the uptrend continuation.
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Peace.
Luca, TrickleDownFX
The chart of coffee suggests a violent bullish breakout of a multi-year downward trendline. The price will probably continue its uptrend, but it is now signalling the beginning of a phase of re-accumulation; the price has reacted strongly with a sudden move to the downside that has stunned the price sideways. I will wait for further development to make sure the schematics play out as expected. I will wait for the price to breach the range in red to the downside, only to quickly recover within the range itself; the successful retest of the bottom of the range would be my buy signal before the uptrend continuation.
If you find this idea to be helpful like, follow, and drop a comment below if you'd want me to analyse a different pair.
Consider supporting me if you think I am providing you with value.
Peace.
Luca, TrickleDownFX
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