Monday the coffe arabica jumped more than 4,60% and made a great rally which was supported by the weak dollar. Made the price the biggest daily gain since 2013 September. The price now is 1,21$ per pound that is the highest price since middle of last August. Fundamental news might be the weak brazilian forecast for 2014/15.
Technically the price taken out a massive resistance level yesterday at 1,16$. Last year the coffee tumbled until last October, lost its value of more than 30%. Since last October rebounded the price from level 1,00$. The price was in 2011 April at 3,00$.
The air is widely opened for bullish run, the first target might be 1,35$ and then we will see.
The BFM Assets Team.
The air is widely opened for bullish run, the first target might be 1,35$ and then we will see.
The BFM Assets Team.
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