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From : Commodities Daily Hotline: 22 May 2015
Chart of the day: Coffee renews downtrend

 

The LIFFE Coffee instrument has renewed the downtrend from the hefty top formation. The fall through 1722.5 has generated a 'Bear' P&F Breakout signal on the automated scanner, which we have followed.  This Bar chart shows that resistance at the downtrend channel delineated by the 50-day MA was not troubled again during the last recovery attempt.  The stop is placed at 1900 for now.

We note the NYBOT Coffee contract also produced a bearish P&F signal, at 129.5.  The issue appears a second time running on the 'Losers' list too.

N.B.  Due to a public holiday in England, the next hotline will be published on Tuesday 26 May. 





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