Coffee Spill Continues
Alan Palmer | Aug 24, 2017 01:31AM ET
This only applies to coffee traders but here is a pattern I want to point out for those in this space.
Notice the 7’s (small) posting on the latest bars. This is a pattern and it could signal the end of the move down. However, remember that rules apply, and 129.20 are settlement price levels that are visually denoted by the pink dotted line. Under this it can move vertical, so longs beware. It is at least close to the end of a consecutive pattern with OLB set up 124.17 (thin) and 122.78 (thick). If looking to buy this extreme, just like KC wheat today, we should stand ready to buy at OLB because it typically comes very fast. We try to stay out of the way of these kind of freight train moves, and try to capture a final spike low bottom.
I also like KC Dec $4.22 and $4.11 this 1st time down. This is for the “Pro knife catchers” a these OLB levels.
Cotton held a tiny olive buy OLB 66.81. In my technical opinion, do not buy Cotton the next time down. It could hold, but today’s high is apex of 3 levels, a sell 1st time into.
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