Technical analysis

Coffee Wave Analysis 18 February, 2021

Coffee Wave Analysis 18 February, 2021

• Coffee reversed from support level 120,00

• Likely to rise to resistance level 128,70

Coffee recently reversed up from the key support level 120,00, standing near the lower daily Bollinger Band and the 38,2% Fibonacci correction of the previous sharp upward impulse from November.

The upward reversal from the support level 120,00 started the active short-term corrective wave (ii).

Coffee can be expected to rise further toward the next resistance level 128,70 (target price for the completion of the active corrective wave (ii)).\

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