JO Daily Chart and Technical Analysis Launch Coming
Coffee has continued to leak lower. The knife-catches are never easy. Price is oversold, with a falling wedge and universal positive divergence across all indicators. Ditto the weekly chart. Typically this announces an attractive time for a launch. The drop in recent days is sharp so this momo may require a jog move or two at the bottom once price pops. The white lines show an inverted H&S that may develop if the current low holds.
Charts reflect all the up-to-date information so divergences are always interesting. With the weekly and daily pointing at a bottom now, usually the macro events catch up with the price action. Perhaps adverse weather conditions may effect future coffee yields (price up), or perhaps demand will be up, or other reasons may surface moving forward that would act as a catalyst for a big bounce and verify the positive divergence set-up. Keystone bot more yesterday and has an ongoing JO long trade. He is also drinking extra cups of coffee to help the trade.
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