In our post on 23rd June 2020, we shared this analysis on our website:
“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.”
In the last 6 weeks, the Coffee futures have done exactly like that, racing to 125 once they were above 100. It was a classic breakout. They crossed 100, came back to test the support at 100, and then raced up to 120-125, which were our target prices.
Please see the previous post here: