Coffee KCU20 Balanced Below Swing Low
Here is a quick follow-up from the previous post on the Coffee prices with the Futures ticker KCU20. Well, glaring at the daily periodicity we can see how the market established the mentioned inside day failure pattern and dropped lower for two days in a sequence to dip below the swing low.
Currently, the market is kind of balanced and rotational around this particular swing low which should be a sign of absorption or name it price battle.
To be noted is that Tuesday closed as an inside day followed by a swing failure to conclude a bullish pattern for today's market auction with a close around 98.35s with a solid gain of +1.15 (+1.18%).
Additionally, we can observe that the market trades below all three major HTF EMAs with prior resistance at the EMA50 which could be a target of the current possible undergoing move higher to take out the swing high while the hourly periodicity already battles with resistance around his EMAs.
(Click on image to enlarge)
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