The above chart is Coffee Futures (KCN20) daily chart, which is showing a strong consolidation taking places currently between 90-100 levels, and above 100, we will see a rally towards 120. Coffee Traders should stay long above 100 for Target 120-125. The rally above 100 towards 120-125 is likely to be very rapid, and it will not much chance to Traders who are not long from 100 level.
Friday, 12 June 2020, was a volatile day with 100 points intraday range between the day high and day low, and the futures tested the 3000-3020 level multiple times, and finally closed above 3020, which is the 200 day SMA, and that was a positive outcome.
3180 is the strong resistance on the upside. Traders should stay long above 3000 for target 3180. Thanks.
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