Coffee Futures ( KC1! ), H1 Potential For Bearish Reversal

coffee-futures-(-kc1!-),-h1-potential-for-bearish-reversal

Type: Bearish ReversalKey Levels:Resistance: 239.15Pivot: 235.90Support: 230.05Preferred Case:We see the potential for a bearish dip from our pivot at 235.90 in line with 61.8% Fibonacci projection and 138.2% Fibonacci extension towards our 1st support at 230.05 in line with 38.2% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator where price is trading at resistance level.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance at 239.15 in line with 78.6% Fibonacci projection and 161.8% Fibonacci extension.Fundamentals:No major news

Source: Tickmill

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