Type : Bearish Momentum
Resistance : 235.2
Pivot: 225.25
Support : 211.40
Preferred Case: On the H1, with price moving below the ichimoku indicator and along the descending trendline, we have a bearish bias that price will drop from our pivot at 225.25 in line with the 23.6% fibonacci retracement and overlap resistance to the 1st support at 211.40 in line with the 161.80% fibonacci extension and swing low support.
Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 235.2 in line with the swing high resistance, 100% fibonacci projection and 78.6% fibonacci retracement .
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for coffee.
Resistance : 235.2
Pivot: 225.25
Support : 211.40
Preferred Case: On the H1, with price moving below the ichimoku indicator and along the descending trendline, we have a bearish bias that price will drop from our pivot at 225.25 in line with the 23.6% fibonacci retracement and overlap resistance to the 1st support at 211.40 in line with the 161.80% fibonacci extension and swing low support.
Alternative scenario: Alternatively, price may break the pivot structure and rise to the 1st resistance at 235.2 in line with the swing high resistance, 100% fibonacci projection and 78.6% fibonacci retracement .
Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for coffee.