Good Morning Folks
Yesterday was the first up day in seven trading sessions. May coffee was up 80 points at 1.1555. Today May has opened strongly up at 1.1785, up 230 points. Although these two up days are not unusual after six down days, it is noteworthy because the attached technical article indicates that the market is still bearish.
During the last three days we have seen the market challenge 1.15 and 1.14 only to meet heavy resistance just like on January 20 and 21. Since January 20 the market has hit 1.1340 twice which resulted in the market moving up the next day.
May will probably challenge the lows again, but will we get to $1.00??