Coffee is forming a potential symmetrical triangle pattern that looks poised to break out tomorrow. Today we closed above the 10 and 20 DMA for the second consecutive day. The next key level to close above is the 50 DMA near 152.00. It hasn't closed above this MA since 10/4/12. The target on this pattern is around 159.50. If those options positions I'm holding are going to make any money, then this market needs to start moving higher soon. Let's see if this potential triangle pattern can finally kickstart a rally. COT report still showing a bullish contrarian view. Chart to follow.
Thursday, January 10, 2013
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment