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Re: Arabica COT Report
Thank you Tango. Invaded seems to be a fitting judgement. Shocked by the recent downturn, though I do continue to view 9500 as pivotal. The initial test of that level may prove to be tough but I think if we get a settlement back above that level, we may see an upward attempt. As you say, there is now fuel in the form of new shorts. Downtrend line from the high made earlier this month will be in that vicinity as well.
Oddly, the 52 week high was made about 1 year ago (10/19/18). Add to that, the last real rally we had in 2014 saw the market make a high on around 10/20/2014. So, while dynamics are different, the period that follows the next week or so has not been kind in terms of longer term trends, though we are already at very low levels.
Just wanted to share a few thoughts. Thank you all for keeping me current on the market as I check in from time to time.
Good trading to all.