Robusta coffee term T11/2022 (LRCX22) had a slight gain at the end of the week, up 8 USD (+0.36%), closing price at 2226 USD/ton.
The dollar continues to be inflows of money in the context of the market waiting for the upcoming Jackson Hole annual meeting, where the Fed chairman will speak to help the market update his views on the upcoming interest rate hike policy. . The balance is still leaning towards a 0.5% interest rate increase rather than 0.75% in the next month’s FED meeting. Coffee on both exchanges is being restructured by investors before the first announcement date of the futures month on August 24.
Inventories of Robusta that met ICE London standards continued to decline as domestic Robusta coffee from Vietnam and Brazil became increasingly difficult to buy at the end of the season, domestic prices increased and growers kept stock.
According to technical analysis, the 1H frame chart shows neutral signal, the price still has the possibility of sideways accumulation. The 1D frame MACD shows that bullish momentum is still present. However, the 14-day RSI is still above the overbought zone at 71.92%, so it is likely that Robusta price will have a downward correction in the short term. 2140-2150 is the hard support zone of the price. On the contrary, 2280-2300 is the price area that needs to be tested and overcome to establish a clear uptrend.
HINTS BUY/SELL STRATEGY IN THE Session (refer).
NEW BUYING CL:
- Support zone 1: 2200-2205 USD
- Support zone 2: 2190-2195 USD
- Proportional buy, stop loss 2160 USD
CL SELL DOWN:
- Resistance 1: 2240-2245 USD
- Resistance 2: 2255-2260 USD
- Proportional sell, stop loss $2,275
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