Arabica Coffee (KC) Completes Weekly Chart Double Bottom

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Arabica Coffee (KC) saw some healthy profittaking yesterday as it digests the break above downchannel resistance (on the 4hr and daily chart). Significantly, KC has completed a Double Bottom with the December and September lows roughly equal just below the psychologically key 1.00 whole figure level. Although KC may see another day or so of consolidation, long term bulls will increasingly buy this dip as they begin positioning for a test in the next few months of downtrend resistance (on the weekly chart) and last October's high. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish. I am long as of Wednesday at 1.058 flat, and am targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

Arabica Coffee (KC) Weekly/Daily/4hr

KC (Arabica Coffee) Technical Analysis

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