Coffee C - Bullish signal after close above 154.80 (Fibo 61.8% of 160.80/145.15) supports further upside
|COFFEE C
Bull-leg from 145.15 (07 Oct correction low) extended to 155.80 (Friday’s high) and generated bullish signal on daily close above 154.80 (Fibo 61.8% of 160.80/145.15 correction/former high of 29 Sep). Long bullish weekly candle adds on overall bullish sentiment for extension of near-term recovery towards 157.10 (Fibo 76.4%) and key barrier at 160.80 (22 Sep peak), the highest level since Feb 2015.
Broken daily Kijun-sen line offers solid support at 152.95, along with 151.75 (Fibo 38.2% of 145.15/155.80 upleg), which should be ideally holding dips, signaled by overbought Slow Stochastic of daily chart.
Res: 155.80; 157.10; 158.65; 160.80
Sup: 154.60; 152.95; 151.75; 150.50
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