The Commodity Specialist view – Until recently the 2010 price action in ICE Coffee was relatively uninteresting, with bears looking a real threat. However, the recent surge upwards has brought the chart to life, with the probability of higher values to come.
- COFFEE MONTHLY CHART – CONTINUATION:
In the Commodity Specialist Guide we have taken a step back to look at the major 1997/2001 downmove.
With the 169.60 Feb-08 peak under attack the immediate level higher is the 180.00 50% mark (see also Daily chart).
Temporary resistance around here would not surprise, but we think the chart should push higher in due course. - DAILY CHART – SEP-10:
Violation of the 153.40 Dec-09 high has quickly led to a move towards our first Fibo projection at 179.00.
Pullbacks are assumed to be temporary, the 153.40 area offering first support – ideally this will hold in order to preserve maximum bull momentum.
Back-up support comes from the lower 142.75 Apr high.
We have marked in a higher Fibo projection around 189.00, a later target.
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