Coffee C Futures ( KC1! ), H1 Potential for Bearish drop
Type : Bearish Momentum
Resistance : 237.4
Pivot: 229.35
Support : 221.85
Preferred Case: On the H4, with price moving within the ascending channel and price expected to reverse off the stochastic resistance which supports bearish bias that price will drop from our pivot at 229.35 in line with the 100% fibonacci projection and swing high resistance to the support at 221.85 in line with the overlap support, 61.8% fibonacci projection and 23.6% fibonacci retracement.
Alternative scenario: Alternatively, price may break through pivot to the resistance level at 237.4 in line with the 100% fibonacci projection .
Fundamentals: No major news
Resistance : 237.4
Pivot: 229.35
Support : 221.85
Preferred Case: On the H4, with price moving within the ascending channel and price expected to reverse off the stochastic resistance which supports bearish bias that price will drop from our pivot at 229.35 in line with the 100% fibonacci projection and swing high resistance to the support at 221.85 in line with the overlap support, 61.8% fibonacci projection and 23.6% fibonacci retracement.
Alternative scenario: Alternatively, price may break through pivot to the resistance level at 237.4 in line with the 100% fibonacci projection .
Fundamentals: No major news