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CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred.
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CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
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Technical Update - Coffee breaking out of correction pattern

Technical Update - Coffee breaking out of correction pattern

Commodities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Coffee has broken bullish out of correction pattern

Coffee (KCc1) has broken bullish out of Symmetrical Triangle corrective pattern and fast approaching triangle peak at $252.35.

Short term target is likely to be 1.382 Fibonacci projection of the triangle peak and low, at around $264.50. However, after a bullish triangle break out price usually move as much as 1.618 of the triangle peak to low which would be around $272. However, there is no strong resistance before $287-$300 area. See monthly chart
RSI showing no divergence on both daily and monthly indicates higher levels are likely

For this bullish scenario to be demolished Coffee price needs to drop below $230.

Source: Saxo Group
Source: Saxo Group

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