Support and Resistance Trading Forum

Re: Overbought - Possible Top (COFFEE) *PIC*
By:Alan C.
Date: 6/10/2009, 2:05 am
In Response To: Re: Overbought - Possible Top (COFFEE) (Alan C.)

The dashed line in the Coffee chart indicates the recent market when I was looking for a brief advance in price for the next trading day (Monday). Instead, price continued to decline, heading for a support line in the price chart. I had expected a bounce due to the dollar running into resistance and since Coffee's RSI was at the crossing of a down trendline and an up trendline. Whether Coffee goes up or down from here will probably depend on how the Dollar performs.

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