SIGNAL TERMINATION – COFFEE SHORT – TAKE PROFIT
CA analysts end the short coffee short signal from 19.1 ahead of schedule today. If we look at the daily chart, prices are constantly reflected from the level of 120 cents per pound. In addition, it has been necessary for some time to take into account the given growth fundamentals. An example is the report of the Vietnam National Coffee Association, which predicts that Vietnamese coffee production will fall by 10-15% this year, due to natural disasters and lower investment due to low prices.
ORIGINAL TEXT: Coffee Short. According to Candlestick’s technical analysis, Friday’s session marked the end of the upward trend in Arabica coffee. Current values are the subject of speculative opinions on a possible correction wave. The technical situation on the market, which has been at its peak since November 2019, is now in a defensive position. The current price development is heading for a decline and support around 120. This value may not even be final.