I think you have a good point.
Today I was bearish early in the morning, although not really bearish, but I was expecting a deeper correccion on the New York C, thinking into myself.".. well the coffee demand for roasters is away for now, we are entering into the slow season demand period, there is not really a threat for the cold front that starts on the 25Th, Brazil is going to a full swing on the production, the Euro looks stronger and the Real is not weakening. So I thought "it is time for a retracement now and maybe for an important one. There is a gap down there to 146.90 on the July and at least the market should be ready to fill it up.
But that didn't happen, controversially the market reacted before touching the base. The gap wasn't fill down and a very good support was shown us at 147.30. I see now a double bottom support there as it was formed with the lows on the 18th.
However before reading you I continued being obstinated, still was thinking the market should attempt to fill that gap and break it down soon. But now I invite everyone to rethink about that possibility. Efectivelly, check last time when the pandemic starts, the coffee market went up as toilet papers and groceries disappeared at the stores. The home coffee demand experimented a big jumped.
Now Rich has displayed that single point. If the regular people, not the traders or analyst like us, will be talking about the Brazilian drought, would be that enough to expect another big jump in the coffee prices?
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