Robusta coffee term T9/2022 (LRCU22) fluctuated slightly and is still on the decline, down 2 USD (-0.09%), closing price at 2215 USD/ton.
The Philadelphia Fed’s August manufacturing index posted an increase of 6.2% from a negative 12.3% in July and the number of new US jobless claims also decreased slightly from the previous month, according to the data released yesterday. strengthens market confidence in the fact that the Fed will slow down the rate of interest rate hike again. The odds on the 0.5% gain have increased to 65% from the 48% rate collected a few days ago. Therefore, the USD continued to be poured in, USD increased slightly by 0.24% to 106.88. Coffee prices on both exchanges are under downward pressure.
Inventories of Robusta meeting ICE London standards continued to decline slightly by 730 tons, to 97,440 tons. This factor has partly restrained the decline of London floor coffee compared to New York floor coffee.
According to technical analysis, the technical indicators are neutral, the price is still fluctuating and falling to the support zone 2180 – 2200. Besides, the 14-day RSI is still above the overbought zone at 71.45%. so the possibility of this downward correction has not stopped. Limit catching the bottom to buy and open a new position in the current high price zone when the downward correction is still there.
HINTS BUY/SELL STRATEGY IN THE Session (refer).
NEW BUYING CL:
- Support zone 1: 2200-2205 USD,
- Support zone 2: 2180-2185 USD,
- Proportional buy, stop loss 2160 USD.
CL SELL DOWN:
- Resistance 1: 2245-2250 USD,
- Resistance level 2: $2265-2270,
- Proportional sell, stop loss $2,285.
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