Coffee Futures (KC1!) H4 | Potential Bullish Bounce
Type:
Bullish Bounce
Key Levels:
Resistance: 338.50
Pivot: 313.10
Support: 301.00
Preferred Case:
Looking at the H4 chart, the price is approaching a multi-swing-low support where it could stabilize before reversing to bounce higher. The bullish momentum could cause the price to rise towards the 1st Resistance at 338.50.
Alternative Scenario:
Price may break below the Pivot at 313.10 and fall towards the 1st Support at 301.00.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.