mar Coffee (update)

Price action today confirmed a symmetrical triangle pattern and was able to close above the 50 DMA for the first time since early October.  It also closed above the 10 WMA for the first time since late September.  We are finally starting to see confirmation of buyers entering this market.  The symmetrical triangle pattern's objective is ~ 159.40 with stops @ 144.85.  I didn't enter this trade, but still holding on to my option positions as I'm looking for a possible upside move to the 180-185 area.  Lastly, from a seasonal perspective we can see price strength from October through May with dips in November, January, and March.  We haven't seen any strength in this market for some time, but it certainly is a good sign of a potential bottom forming during a seasonally strong period.