Coffee is holding the 200 support.
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Coffee is bouncing off the 200 support. As you can see on the monthly chart, price action is again leading higher after the bounce off the 200 support. Only a break below the 190-200 zone could lead to a deeper pullback and invalidate the continuation higher to 300.
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The weekly chart shows a medium-term uptrend line holding along with horizontal support of 209.50, which is now labeled as the fourth wave correction after the three waves higher finished. The fifth wave should lead to 300 as long as the 290-300 support zone hold.Â
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