Coffee’s ups and downs

Market Pulse: October 15

Over the past two weeks we saw a high hit in December 2012 Coffee at $1.8545 a pound and a low hit of $1.6170. Last week coffee opened at $1.6780 and closed the week at $1.6170. The previous week, coffee opened at $1.7285 the high was $1.8545 the low $1.6770 and the close $1.6810. 

On the daily chart, you can see ADX is at 31.5 and rising with DI- over DI+. MACD is bearish and Stochastics are in deep oversold territory. You can see by looking at the price action how coffee hit a high of $1.8545 on Oct. 3 and formed a shooting star candle closing near the low and just below the open, highlighting a possible change in direction. The next day, Oct. 4, we had a confirming candle of the change. The next trading session, Oct. 5, we saw a TS Analyzers trade set-up and now the market is trading just below $1.6000. A solid break below $1.6000 and we could see the next level tested at $1.5500, which is where we saw coffee trading back in June 2012.  

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