Coffee Traders Forum
[ Post a Response | Coffee Traders Forum ]
Posted by JuanV
on August 12, 2019, 10:24 am
As noted last night, the market was likely to react once the recent tight trading range (9890-9605) was broken. Sure enough, we broke to the downside, adding pressure and sending the market lower by nearly 3%. I did think it was possible the hostile algo's would prevent too deep of a slide, but we see the pressure has has not let up. Now, the focus becomes the lower levels as represented in Naguals chart via his fork analysis.
As Tango has mentioned, the post expiration Monday is again playing out as a day of weakness, as it so often does. The impact of the 9750 strike, along with macro weakness, probably helped kick-start the market in a downward trajectory.
9280-9250 next key level of support.