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From : Commodities Daily Hotline: 23 April 2014
Chart of the day: Coffee renews advance

 

This year's earlier storming recovery by the Coffee instrument became very overbought by February (see RSI).  However, it still took about a month for the correction to occur.  From a much higher level too, at 211.5 plotted on 12 March.  That barrier proved too sturdy to overcome recently, but yielded yesterday.  A long trade is opened, for the upside potential towards the early-2012 high at 249.65, with the possibility of the September 2011 peak at 274.05 thereafter.  The stop is placed under last month's floor (note support arriving at the 50-day MA), at 165, for now.

 






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