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Very well defied uptrend line whose close only plot coincides perfectly with high low range as well. In other words, coffee is at well defined support drawn from over a year ago. And it is from this support that it has ALWAYS recoiled briskly upwards. Nagual's and Tango's harmony at defining bedrock support from different perspectives is vividly justified here. Finally, the fact that this support is inclining upwards as in uptrending is a most welcome context. Mind you, these are continuous charts, nearby.
Now the downtrend component of this overall long term triangle construct originates with the high painted more than 3 years ago. Two versions are drawn. One using line only, closing price (the solid green) and the other using the high low full range bars (dashed green). Certainly tempting to conjure the makings of an ascending (bullish) triangle in the big picture scheme. Just the distance to traverse to the top of the triangle boundaries entails a price rise from 20 to 30 cents higher from current values. In other words, about $1.20 to $1.30. And then to envision a topside breakout... Well, another run at old time highs in our lifetime still? Mirage becoming reality as the triangle width would project at least a 50 cent run above the breakout. Objective somewhere 2 dollars, say.
If in fact we are at a place in time and price where the frying pan is hot enough, then coffee price may provide some sizzle here in the foreseeable. Its about time, I reckon.