Robusta coffee term T11/2022 (LRCX22) continued its downward trend for many consecutive sessions, down 4 usd (-0.18%), closing price at 2226 USD/ton.
The US Retail Sales Index in August announced at 0.3%, compared with the previous month -0.4%, the number of US jobless claims also decreased by 213 thousand compared to the previous month by 218 thousand, proving the labor market. motion is still strong. This helped the USD increase slightly, reaching 109.64. After the data was published, the cash flow immediately escaped from some commodities and gold, Robusta coffee was also affected when the price increased well at the beginning of the session but at the end of the session reversed to decrease slightly.
According to the inventory report of the North American Coffee Association, inventories in August increased by more than 5% compared to the same period last year. This information also partly affected the direction of coffee prices on 2 floors yesterday when Robusta coffee reversed to decrease, and restrained the good momentum of Arabica coffee.
According to technical analysis, the MACD shows a bearish momentum signal still with the close support at 2200. Breaking the support zone at 2180-2200 could trigger a strong drop to the 2140-2150 zone. On the contrary, the price needs to rise again and maintain above the 2260-2280 zone to break the short-term downtrend of Robusta coffee.
HINTS BUY/SELL STRATEGY IN THE Session (refer).
NEW BUYING CL:
- Support zone 1: 2205-2210 USD,
- Support zone 2: 2185-2190 USD,
- Proportional buy, stop loss $2165.
CL SELL DOWN:
- Resistance level 1: 2255-2260 USD,
- Resistance level 2: $2275-2280,
- Sell proportionally, stop loss $2300.
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